_Monthly Developer Sales - June 2022
Primary sales in the private residential market in June 2022 shrank by 64% to 488 units (excluding Executive Condominiums (ECs)), when compared to the 1,355 units in May 2022. There were no new project launches in the month of June as developers held back during a unique school holiday period where many Singaporeans were taking the opportunity to travel after two years of border restrictions – revenge travel. In a month of subdued new sale activity, this was the first time since March 2021 that the Core Central Region (CCR) had the greatest number of units sold (at 206 units) exceeding both the Rest of Central Region (RCR) and the Outside Central Region (OCR). This is now the third consecutive month where sales in the CCR were above the 200-unit mark, coinciding with the opening of air travel lanes through the implementation of the Vaccinated Travel Framework from April onwards. Despite the slow month, developers with projects in the CCR (often characterised as the prime class of private homes) took the opportunity to launch more units. Projects such as Hyll On Holland, One Holland Village Residences and Perfect Ten launched 159, 90 and 65 units respectively during the month.
In the rest of the island, there were 171 new sales in the RCR and 111 primary transactions in the OCR, lower than normal. This was not only due to the school holidays, but also to the dwindling stock of unsold units in mega projects located in these regions. For example, it was reported recently that the 1,862-unit Normanton Park has been fully sold, while the 2,203-unit Treasure At Tampines sold out some time ago in Q1 2022.
Based on the monthly developer sales data, there are about 2,504 new sales in Q2 2022, an increase of 37.2% over the 1,825 primary sales recorded by URA in Q1 2022. Overall, sales picked up in Q2 2022 compared to Q1 2022 when the market was in a state of pause, affected by the cooling measures. The total new sales for the first half of the year is now an estimated 4,329 units, on track to reach around 8,000 to 9,000 units for the whole of 2022 as originally anticipated at the beginning of 2022. Looking at the remaining six months of the year, the sheer weight of demand is outpacing the backlog of supply as Singapore normalises from the pandemic years. This will likely see keen buyer response in upcoming launches such as AMO Residence. However, buying activity could be tapered in the coming months as interest rates rise.