With the reopening of Singapore’s economy – and show-flats – on June 19, new home sales posted a surprise rebound last month as pent-up demand was unleashed.

Singapore is undergoing its worst recession since independence, but developers sold 998 non-landed private homes last month, up 105 per cent from May, when 487 private homes were transacted.

It was also the highest number of monthly sales recorded for June in seven years, and seems to indicate resilience in the property market despite the recession and the absence of major new launches.

New units booked last month saw an increase of 21.6 per cent from the 821 sold in June last year.

Not all buyers are affected by the recession. Workers in technology and the civil service – sectors that have not yet felt the pain of the pandemic-induced recession – as well as discounts and lower interest rates, underpinned demand, said Mr Nicholas Mak, ERA Realty’s head of research and consultancy.

But buyers largely remain price-sensitive.

Read more at: https://www.straitstimes.com/business/property/new-private-home-sales-post-surprise-rebound

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