Property developers sold 834 new launch residential units in July, whereas June registered 434 new homes sales only.
Following the end of June school holidays, property investors and home buyers return to Singapore real estate to buy new launch projects.
AMO Residence in Ang Mo Kio is the one and only new launch project in July and the largest suburban condominium development for this year. Nearly 98 per cent of the units at AMO Residence were sold on the first day of launch with average PSF of S$2,100.
On a year-on-year comparison, new home sales fell almost 48 per cent from the 1,602 units sold in July 2021. Primarily because the developers are running out of land bank.
The overwhelming response at AMO Residence should support the upcoming launches such as GuocoLand’s Lentor Modern at Lentor Central (605 units) and Frasers Property’s Sky Eden @ Bedok at Bedok Central (158 units).
It should attract HDB upgraders and first-time home buyers who are immunued recent round of cooling measures.
Despite the global inflation and interest rates hike, new launch home buyers may not feel the pinch due to the progressive payment schedule whereby home loans tend to be smaller in the initial repayment period.