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Huttons’ comments on Jun 2021 developer’s sales

Posted by alvintay on July 18, 2021

Developers launched 815 units and sold 872 units in June. Sales in June 2021 was 2.6% lower than May 2021 and 12.6% lower than June last year.

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Viewing restrictions clearly had an impact on transaction volume. The proportion of sale transactions from 15-30 June where viewing restrictions were eased stands at 59.8%, compared to 40.2% in the period from 1-14 June.

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Source: URA caveats, Huttons Research

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In June, buying momentum in the CCR was sustained, driven by Hyll on Holland which had a limited time campaign for selected units over 1 weekend. It saw overwhelming sales across all unit types particularly the 2-bedders. 23.6% of the sales were in the CCR, 37.7% in the RCR and 38.6% in the OCR in June.

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42.0% of the transactions in June are priced below $1.5 million, 30.8% are between $1.5 million to $2 million and 27.2% above $2 million. The average price paid for a unit in June was $1.82 million. 81.7% of purchases are by Singaporeans with PRs and foreigners making up 12.4% and 5.7%, respectively. More Singaporeans bought homes priced between $1.5 million and $2 million in June, probably by cashing out their existing HDB flats. There are more foreigners who bought a property in June compared to May as a mark of confidence in Singapore’s clear vaccination strategy and roadmap for a post Covid-19 norm.

Table 1: Purchases by Residential Status and Price Range in June

Source: URA, Huttons Research as of 15 July 2021
Source: URA, Huttons Research as of 15 July 2021

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Table 2: Purchases by Residential Status and Price Range in May

Source: URA, Huttons Research as of 17 June 2021
Source: URA, Huttons Research as of 17 June 2021

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The top ten private residential projects for June 2021 are:

Source: URA, Huttons Research as of 15 July 2021
Source: URA, Huttons Research as of 15 July 2021

The month of July will see the launch of several highly anticipated launches – The Watergardens at Canberra, Pasir Ris 8 and Klimt Cairnhill. The Watergardens at Canberra and Pasir Ris 8 are the first two mass market launches in 2021 and is widely expected to do very well on the back of the buoyant HDB resale market and attractive price points. Klimt Cairnhill, an ultra-luxury project in prime District 9 offers the well-heeled an opportunity to own a large floor plate unit which is a rarity among new launches. Recent ultra-luxury launches such as Park Nova, Les Maisons Nassim saw large units snapped up by UHNWI for record prices.

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The spanner in the works is the resurgence in Covid-19 cases and the possible tightened measures. If they are similar to Phase 2 (Heightened Alert), it should be manageable as the industry have adapted well to it using virtual tools as a complement to a physical visit to the show galleries.

To sum up, it was an excellent first half for the new sale market. Total volume is estimated to be 6,530 units which is the strongest first half since 2013. This puts the new sales market on course to set a record of 10,000 to 12,000 units in 2021, the highest since 2013. We estimate prices to rise by as much as 8% for the whole year.

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