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Investing in a condo in the vibrant city of Singapore has emerged as a preferred option for both local and foreign investors. The country’s stable economy, sound political landscape, and excellent quality of living make it an attractive destination for real estate investments. With an abundance of opportunities in the real estate market of Singapore, condos have gained significant attention for their desirable features such as convenience, amenities, and potential for lucrative returns. If you are looking to invest in a condo in Singapore, it is important to understand the benefits, considerations, and necessary steps involved in the process. With the emergence of new condo launches, the options have widened, making it a promising investment opportunity. Let’s dive into the details to help you make an informed decision.
In August, developers in Singapore were able to sell a mere 208 new homes, excluding executive condos (ECs). This represented a significant 63.6% decrease in sales compared to July, when 571 new homes were sold, according to data released by URA on September 16. Looking at the same period last year, sales were also down by 47.2% from the 394 new homes sold in August 2023.
The decline in sales was attributed to the lack of new launches in August, coinciding with the lunar seventh month. This resulted in a decrease in the number of units launched for sale to 272, a 55.8% drop from the previous month and a 53.9% decline from the same period last year.
Additionally, when including ECs, the number of new home sales fell by 59.5% from 608 units in July to 244 units in August. The top-selling project during this period was Tembusu Grand, a 640-unit condo located in the Rest of Central Region (RCR). It sold 30 units at a median price of $2,455 per square foot (psf).
Interestingly, the Outside Central Region (OCR) emerged as the best-performing market segment last month, with 123 units sold. Among the top sellers in this region were Hillock Green, which sold 17 units at a median price of $2,108 psf, and Lentoria, which sold 15 units at a median price of $2,217 psf.