June 2K23 saw a tumble in New private home sales tumbled with developers selling only, excluding ECs, just 278 new homes. This translates to a fall of 73.2% fall from the 1,039 units sold in May, and 488 units which is 43% lower than in June last year.

This first declined in monthly sales submitted this year and thus far the lowest for 2K23. It is also most rock bottom sales since December 2K22 when developers sold 170 new homes, says Tricia Song, head of research, Southeast Asia, at CBRE.

The reduction surfaces on the back of a dearth of launches by Developers for new homes during the month as well as the June school holidays. Housing property developer who especially were preparing to launch larger-scale projects of more than 500 units, opted to time the launches in July to avoid the vacation period, notes Leonard Tay, head of research at Knight Frank Singapore.

 foreigners’ new homes purchase continued to slide down in June, suggesting the continuation effect of the recent cooling measures, says Lee Sze Teck, senior director of research at Huttons Asia. According to caveats by URA, foreign buyers purchased 13 new homes last month (representing 4.7% of total new private home sales), compared to 30 transactions in May. only seven units in the core central region were sold last month to foreign buyers, which is the lowest amount since February 2K21 when six new homes were sold to foreigners, Lee says.