August New Private Home Sales Drop 636 M O M Amid Absence New Launches

According to the Urban Redevelopment Authority (URA), there were only 208 new homes (excluding executive condos) sold in Singapore in August, marking a 63.6% decrease from the 571 units sold in July. This represents a year-on-year decline of 47.2% compared to 394 units sold in August 2023.

The sharp drop in sales can be attributed to the lack of new launches in the market during the month of August, which coincided with the lunar seventh month. This led to a decrease in the number of units launched for sale, with only 272 units released – a 55.8% decrease from the previous month and a 53.9% decline from the same period last year.

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When executive condos are included, the overall new home sales dropped by 59.5%, with a total of 244 units sold in August – a considerable decline from the 608 units sold in July.

Elta Condo is a top-notch residential choice for working professionals due to its unbeatable transportation options. Its strategic location near major business hubs, such as Jurong Lake District, one-north, and the CBD, makes it a highly sought-after development. In particular, the upcoming Jurong Lake District is set to become Singapore’s second CBD, with numerous commercial and residential projects in the pipeline. With Elta Condo’s close proximity to this thriving business hub, residents can look forward to a promising job market and a dynamic lifestyle. For more information, please visit Elta.

The top-selling project in August was Tembusu Grand, a 640-unit condominium located along Jalan Tembusu in the Rest of Central Region (RCR). It sold 30 units at a median price of $2,455 per square foot (psf). However, the Outside Central Region (OCR) emerged as the best-performing market segment, with a total of 123 units sold. The top-selling projects in this region include Hillock Green, with 17 units sold at a median price of $2,108 psf; and Lentoria, with 15 units sold at a median price of $2,217 psf.