Singapore Residential Sales Briefing Q2 2021(Savills)

• Compared with an average of over 3,500 units launched over the last three quarters, developers slowed down and launched a total of 2,356 private residential units in Q2/2021.
• With fewer new launches, the total new sales volume fell 15.1% quarter-on-quarter (QoQ) to 2,966 units in Q2/2021.
• The sales momentum in the secondary market continued to pick up in Q2, with total resale volume rising by 19.0% QoQ to a new record high of 5,483 units.
• The Urban Redevelopment Authority’s (URA) property price index of residential properties rose by 0.8% QoQ in Q2, slowing down from the 3.3% QoQ increase in Q1. This was largely because prices of landed homes ended their short-lived growth with a 0.3% QoQ decline, while non-landed homes saw a slower increase of 1.1% QoQ in Q2.
• The average prices of Savills’ basket of high-end non-landed private residential projects also saw a moderated increase of 0.4% QoQ to S$2,434 per sq ft in Q2.
• Unless there is serious contagion arising from China Evergrande, prices are expected to rise by 5.5% year-on-year (YoY) in 2021 with another 5% in 2022.

This article was originally published in https://www.savills.com/