SINGAPORE: Sales of new private homes in Singapore rose 82.2 per cent in July, rebounding from three consecutive months of decline, as buyers returned to the residential market"in droves" despite tighter COVID-19 restrictions., according to data released by the Urban Redevelopment Authority on Monday .
"Sales picked up across many projects last month as buyers returned to the private residential market in droves," she added. "A good number of investors and buyers, have been waiting for the right opportunity, decided to enter the market in July, in anticipation of possible price hikes in the future."Mr Ong Teck Hui, senior director of research and consultancy at JLL, said that while the residential market is"fundamentally buoyant", it is also being suppressed by COVID-19 and restrictive measures.
Developers launched a total of 1,104 units in July. Analysts identified Pasir Ris 8 as one of the best-selling developments, with 418 units sold out of 487 launched. Current home supply, especially in suburban regions, is not enough to meet the demand from buyers such as those upgrading from Housing and Development Board flats, said OrangeTee & Tie's Ms Sun.
Source: News Formal (newsformal.com)
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