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Huttons’ comments on June 2022 developer’s sales

Posted by alvintay on July 19, 2022

Developers launched 397 units and sold 488 units in June. Sales figures in June 2022 dived by 64% as developers did not launch any project during the school holidays. The depleting unsold inventory further limits the available choices, leading to lower sales. Compared to a year ago, sales volume is 44% lower.

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The Core Central Region (CCR) saw 206 units sold while the RCR moved 171 units and the OCR 111 units. Due to ample liquidity and good value in CCR projects, sales in the CCR made up 42.2% in Jun, the highest since Mar 2021. Buyers were apparently unfazed by the increase in interest rates as they went for pricier homes. This is because loan drawdowns for new homes is on a progressive basis or they could have used more cash for the purchase.

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For example, a buyer buying a $2 million property with a $1.5 million loan over 30 years at 1.7% interest will utilise 5% of the loan when the foundation is completed around 9 to 12 months later. The loan repayment works out to an estimated $355 per month. If interest rate goes up to 3% 12 months later, the loan repayment increases by an estimated $67 to $422 per month.

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Figure 1: Transactions $2 million and above

Huttons June Data 1
Source: URA, Huttons Research as of 12 July 2022

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Table 1: Top 10 Projects by Sales in June 2022

Huttons June Data 2
Source: URA, Huttons Research as of 15 July 2022

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The proportion of purchases by foreigners shot up to 11.7% despite a quiet June. This is the highest proportion since Oct 2017. Interest from foreigners remained healthy as they favour Singapore’s stability amidst the uncertainties.

Figure 2: Proportion of Purchase by Foreigners 

Huttons June Data 3

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Table 2: Top 5 Projects with sales to foreigners in June 2022

Huttons June Data 4
15.6% of the transactions in Jun are priced below $1.5 million, 26.8% are between $1.5 million to $2 million and 57.6% above $2 million. 75.8% of purchases are by Singaporeans with PRs and foreigners making up 12.5% and 11.7%, respectively.

Table 3: Purchases by Residential Status and Price Range in June

8 EC units were sold in Jun 2022. North Gaia remains the only EC project with units for sale in the market until the next two EC launches, Copen Grand in Tengah and Tenet in Tampines in 4Q 2022.

Sales in July is likely to increase to around 700 to 800 units on the back of a major launch – AMO Residence. This is the first major non-landed project launch in the OCR in 2022 and the first in Ang Mo Kio in eight years. AMO Residence saw over-whelming interest in the first week of preview as the attractive preview price from $1,890 psf is comparable to the asking prices of some projects in the OCR as well as the average transacted price at The Panorama, a resale development.

This will be followed by Sky Eden @ Bedok, Lentor Modern and Sceneca Residence. Projects in the OCR will drive sales in the next few months.

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