New private home sales dipped in August 2022 due to lack of new launches

The number of new private homes sold in August slid to nearly half the number sold a month ago as developers held back launches during the Hungry Ghosts’ month – when sales activities slowed down. 

Developers sold a total of 437 units, compared to 834 units sold in July 2022, according to data released by the Urban Redevelopment Authority (URA) on Thursday (Sep 15). The tepid sales was largely because developers launched only 134 units for sale, down from the 402 units launched the month before.

The Core Central Region (CCR) saw 220 units sold while the Rest of Central Region (RCR) moved 127 units and the Outside Central Region (OCR) 90 units. Among the top eight best selling projects in August, five are located in the CCR. Buyers are shifting their focus to the CCR as the price gap between the median price psf of the CCR and RCR has narrowed to 14.9% in Aug 2022 compared to 41.6% in Jan 2022.           

However, developer sales volume in September is expected to be better with the launch of two new projects in OCR: Sky Eden @ Bedok and Lentor Modern.