Huttons’ comments on July developer sales | Huttons Group

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Huttons’ comments on July developer sales

A strong set of sales numbers was witnessed in July 2020. Developers launched 869 units and sold 1,080 units in July. The volume of sold units in July is 8.2% higher month-on-month and 8.3% lower year-on-year.

July 2020 sales was the highest in 2020 and the highest since November 2019. The proportion of sales in the Core Central Region rose in July 2020 due to promotional activities by developers and savvy investors have been quick to pick up units at attractive prices.

Comparison of Transactions in Different Segments of the Market

Source: URA, Huttons Research

The Covid-19 pandemic which have brought about more people working from home (WFH) may have triggered buyers’ desire for more space. An analysis of caveats revealed that the average size of units bought since April 2020 have increased steadily over the past few months. This trend may continue as WFH becomes a permanent arrangement for some employees.

Source: URA, Huttons Research

The top five private residential projects for July 2020 are:

Source: URA, Huttons Research

August 2020 is going to be a blockbuster month for developer sales. Forett at Bukit Timah, the first major launch after the circuit breaker with a virtual sale balloting process is estimated to sell close to 40% in August. Developer sales in August could be even higher than September 2019’s 1,270 units.

The highly anticipated project, Penrose is expected to be launch in September. Noma, The Landmark and Hyll on Holland will also be launch for sale soon.