For the month of July, Developers have sold almost twice as many private homes and executive condominiums (ECs) than they did in June amid two project launches - reflecting a buoyant buying momentum that analysts believe will continue for the rest of this year. A total of 2,086 units were sold by developers here last month, up from 1,064 units in the traditionally slow month of June and 8 per cent more than in July last year.

Apparently strong sales momentum was seen in the ECs, which marked the highest monthly sale of 978 units - four times that in June and 17 per cent more than a year ago.  One reason is EC prices are lower than other normal projects. 

This was boosted by the sell-out of Hundred Palms Residences, an EC project in Yio Chu Kang Road by Hoi Hup Realty; all 531 units were sold within seven hours of its launch on July 22.  The main reason we see is supported by attractive pricing.

Excluding ECs, developers sold 1,108 private residential units in July, a 35 per cent increase from June and marginally (1.5 per cent) more than in July last year. Slightly more than half the July sales were in the suburban region.  This indicates that these buyers must have been waiting and holding back for the right time to purchase. 

Potential buyers are likely come to terms with the prevailing cooling measures and they have relatively more reasons to purchase a property now. 

July's sales brought the developers' stock of launched and unsold units to a six-year low. But only a handful of new condominium projects are lined up for launch in the next six months.

Let's see how the upcoming property launches fair and they include New Futura, a freehold high-end residence with 124 units by City Developments Ltd; Kandis Residence, a 130-unit condominium off Sembawang Road by Tuan Sing Holdings, and the 600-unit project at Fernvale Road by Sing Development and Wee Hur Development.

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