Despite the Singapore GDP contracting 13.2% year on year for the second quarter, Analyst noticed that more home buyers are committing to projects with higher price tags in the rest of central and outside central region in July. Transactions above $2 million in these two regions increased by 4% to 16.8% in July, up from the previous month.
The number of private new launches in the residential market hit a high of 869 units in the month of July, 46% higher than last month’s 597 units, although slightly down for the 911 units a year ago. Direct developer sales continue to rise despite the challenging economic environment to 1080 units in July, up from the 998 units sold in the previous month.
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