Developer sales jump 273% m-o-m in July, propelled by Kassia and Sora

The month of July saw 608 new private homes (excluding executive condos or ECs) sold, which is a 273% m-o-m spike from the 228 units in June. In fact, June’s sales was almost a record low, just slightly higher than the previous month, when 223 new homes were sold in May. Sales in July were propelled by two new project launches: the 440-unit Sora on Yuan Ching Road in the Jurong Lake District over the weekend of July 6-7, followed by the 276-unit Kassia at Flora Drive in the Changi area, on July 20-21. The freehold Kassia was the top-seller last month, with 154 units sold at a median price of $2,049 psf. The project is about 55.8% sold to date. Get the latest details on available units and prices for Kassia Advertisement Advertisement Based on caveats lodged, 152 units sold at Kassia were priced at the sweet spot of $2 million and below. Lee Sze Teck, senior director of data analytics, Huttons Asia, estimates that more than 70% of Kassia’s one-bedroom and one-plus-study units have been sold, with the majority selling for $1 million or below. According to Lee, the availability of one-bedroom units has dwindled since URA implemented a minimum dwelling size in 2018. Kassia is also the final project in the Flora Drive-Flora Road enclave by Tripartite Developers, a joint venture comprising of Hong Leong Holdings, Singapore-listed City Developments Ltd (CDL) and Mitsui Fudosa. The next best-seller is Sora, with 103 units sold at a median price of $2,152 psf. It is about 23.4% sold to date. Again, the one-plus-study and two-bedroom units were the most popular units, notes Huttons’ Lee, with more than 90% sold for $2 million or below. Developed by a consortium led by SingHaiyi that includes KSH Holdings and Ho Lee Group, the 99-year leasehold development is located in the Lurong Lake District and boasts a 300m frontage of Jurong Lake Gardens. Read also: Tripartite sells 52% of Kassia on launch weekend Advertisement Advertisement With the launch of Sora and Kassia, which are both in the suburbs, the proportion of sales in the Outside of Central Region (OCR) therefore increased to 77.8% last month, an increase from 56.1% in June. Sales in the city fringe or Rest of Central Region (RCR) made up 18.6% of the total in July, while the prime or Core Central Region (CCR) accounted for just 3.7%. The Hungry Ghost Month (from August 4 to September 2, 2024), generally considered an inauspicious month, Huttons’ Lee does not expect any new project launches this month. New home sales could therefore test new lows, sinking to the 150 to 250 unit range, he estimates. In September, new project launches include the 158-unit 8@BT along Bukit Timah Link by Bukit Sembawang Estates, the 226-unit Mayer Blue on Meyer Road in prime District 15 by UOL Group and Singapore Land Group, and the 366-unit Union Square Residences along Havelock Road by CDL. New home sales could end the year with 5,500 units, but prices are still expected to increase by about 4%, says Huttons. Check out the latest listings for Kassia, Sora properties