Singapore’s weekend home sales dwindle to record lows as ‘choice paralysis’ amid supply surge drives buyers to ‘shop around’
- The last time there was a deluge of launches was in November 2018, when eight projects with 1,265 units were offered
- July was already a hectic month with four launches totalling more than 2,500 units, said RA Singapore’s CEO Marcus Chu
Singapore’s weekend property sales on August 12-13 slipped to a new low, with just 53 units sold across three redevelopment projects.
“Sales have been muted compared to recent launches in terms of the number of units sold,” said Ismail Gafoor, CEO of PropNex. “This is likely due to the fact that we have had nine new launches since July to date, and buyers have more options today.”
Before the debut of five new projects this past fortnight, “July was already a hectic month” with four launches totalling more than 2,500 units, said Marcus Chu, CEO of ERA Singapore.
“The July supply spilled over into August, affecting the new launches this month,” he added. “With a wide selection of projects on the market, homebuyers and investors are spoiled for choice.”
The last time there was a deluge of launches was in November 2018, when eight projects with 1,265 units were offered, said Mark Yip, CEO of Huttons Asia. “The highest [number of units launched] was in 1Q2021, when 2,629 units in four projects were rolled out.”
