Residential

August sale of private homes hit a new low

According to data from the Urban Redevelopment Authority (URA), the monthly sale of private residences has hit a new low this August. Developer’s residential sales have fallen by 15 per cent to 432 homes from July to August. However, including the sale of executive condominiums, developers would have sold 490 homes in August. This would have reflected a 13 per cent fall from the previous month instead. Nicholas Mak from SLP International said that the fall in residential sales could be due to the Hungry Ghost Festival in August. Developers tend to postpone launches during this period as demand is traditionally weak during this month. Indeed, as compared to July, there was a 20 per cent fall in launched units in August, and only 351 units were launched. This is the lowest number of units launched in a month this ...