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Singapore's palpable pickup in new home sales driven by ‘revenge buying' syndrome

Fresh property news selection on August 25. 2020, Tuesday.

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Developers moved 1,713 private residential units in Q2, with about 60% of transactions recorded in June.

08.25.

Owing to the Circuit Breaker (CB) measures from April 7th to June 1st, developers postponed their new launches during the period, because sales galleries were closed and physical contact with potential buyers was barred. However, Savills notes that developers continued to release units in their previously launched projects and, together with agents, applied online channels such as virtual viewings and sales webinars to promote the units.

In total, 1,852 uncompleted private residential units were offered for sale by developers in the second quarter of 2020, down 11.5% from the 2, 093 recorded a quarter ago. This drop was fully attributed to a slump of 55.2% in the Core Central Region (CCR). Developers pulled back their high-end launches, as foreigners who were not here prior to the lockdown, and who had in the past been a major source of demand for this market segment, could not enter Singapore. In contrast, the number of units launched in both the Rest of Central Region (RCR) and Outside Central Region (OCR) rose by 13.0% QoQ and 24.9% QoQ, respectively.

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