MUTED SALES IN JUNE
Property analysts attributed the marginal increase in the market due to the school holidays in June and the lack of major project launches during that period.
“Developers could also have held back on launches amid near-term interest rate uncertainty and the current tentative buying sentiment,” said Ms Song.
Huttons’ senior director of data analytics Lee Sze Teck added that buyers “remained highly selective and budget conscious in view of the economic climate”.
According to property analysts, last month’s sales were driven by units sold in the Outside Central Region (OCR), making up 57.9 per cent. This was followed by sales in the Rest of Central Region (RCR) at 31.1 per cent and the Core Central Region (CCR) at 11 per cent.
The Lakegarden Residences led the list of units sold in the OCR, followed by The Botany at Dairy Farm in the same region, and Tembusu Grand in the RCR.
“The scarcity of major new launches and the introduction of generally smaller-sized developments in the RCR segment during the first half of 2024 have helped sustain interest in these properties, demonstrating their lasting appeal in the market,” said Singapore Realty Inc’s head of research and data analytics Mohan Sandrasegeran.
Ms Song also noted that all of the top 10 best-performing projects in June came from existing projects mainly from the OCR and RCR, which is “indicative that buyers have turned very price sensitive amid economic weakness and high mortgage rates”.
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