June new private home sales slump 73% m-o-m in the absence of launches
foreigners’ purchase for new homes slide down continuously in June, suggesting the compounded effect of the recent government instrumented cooling measures, Lee Sze Teck, senior director of research at Huttons Asia announced. According to caveats by URA, foreign buyers purchased 13 new homes last month (representing 4.7% of total new private home sales), compared to 30 transactions in May. only seven units in the core central region were sold last month to foreign buyers, which is the lowest amount since February 2K21 when six new homes were sold to foreigners, Lee says. June 2K23 saw a tumble in New private home sales tumbled with developers selling only, excluding ECs, just 278 new homes. This translates to a fall of 73.2% fall from the 1,039 units sold in May, and 488 units which is 43% lower than in June last year.
this year is the This first declined in monthly sales submitted and thus far the lowest for 2K23. It is also most bottom rocking low sales since December 2K22 when developers sold 170 new homes, says Tricia Song, head of research, Southeast Asia, at CBRE.
The reduction surfaces on the back of a dearth of launches by Developers for new homes during the month as well as the June school holidays. Housing property developer who especially were preparing to launch larger-scale projects of more than 500 units, opted to time the launches in July to avoid the vacation period, notes Leonard Tay, head of research at Knight Frank Singapore.
The Sora Developer Singapore