July new home sales up 70.9% m-o-m, largely driven by best-seller AMO Residence
July new home sales up 70.9% m-o-m, largely driven by best-seller AMO Residence. In July, new house sales increased by 70.9% to 834 over the previous month. According to URA data, the opening of AMO Residence in the Outside Central Region (OCR), which sold 366 out of a total of 372 units or 98.4% of the project at a median price of $2,110 per square foot, was the primary factor in the project’s excellent sales last month.
However, new house sales were 47.9% fewer in July 2022 compared to the same month last year. The 487-unit Pasir Ris 8 project opened in July 2021, and according to Tricia Song, head of research for CBRE Southeast Asia, 415 of its apartments were snapped 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. AMO Residence accounted for 75.46% of the 485 units that were sold in the OCR last month. It was the primary cause of the month-over-month surge in new home sales of 70.9% in July, according to Lee Sze Teck, senior director (research) at Huttons Asia. According to Lee, the market is yearning for fresh products.
According to Christine Sun, senior vice president of research and analytics at OrangeTee & Tie, the 448-unit Watergardens at Canberra was the last newly launched mid-sized private condo with more than 350 units in the OCR prior to the AMO Residence.
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