July new home sales up 70.9% m-o-m, largely driven by best-seller AMO Residence
New home sales in July up 70.9% m-o-m, largely driven by best-seller AMO Residence. Over the previous month, new home sales jumped to 834 in July, a 70.9% rise. URA data indicates that the inauguration of AMO Residence in the Outside Central Region (OCR), which sold 366 of a total of 372 units, or 98.4% of the project, at a median price of $2,110 per square foot, was the main reason for the project’s outstanding sales last month.
On a year-over-year basis, new home sales were, however, 47.9% lower in July 2022. According to Tricia Song, head of research for CBRE Southeast Asia, the 487-unit Pasir Ris 8 project, which debuted in July 2021, 415 of its apartments were snatched up on the first day of opening at an average price of $1,580 psf, which she attributed to the launch of another significant suburban project. 75.46% of the 485 units sold in the OCR past month came from AMO Residence. According to Lee Sze Teck, senior director (research) at Huttons Asia, it was the main factor for the month-to-month increase in new home sales of 70.9% in July. The market is eager for new offerings, says Lee.
Prior to the AMO Residence, the 448-unit Watergardens at Canberra was the last newly launched mid-sized private condo with more than 350 units in the OCR, claims Christine Sun, senior vice president of research and analytics at OrangeTee & Tie.
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