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Why are people still buying property during Circuit Breaker?

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Old 29-06-2020, 07:35 AM
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Default Why are people still buying property during Circuit Breaker?

More local buyers bought homes during Circuit Breaker in May, though at lower quantum.

Some consultants believe there will be recovery in the later half of 2020 with pent-up demand for new homes.

Developers in Singapore sold 486 new private homes in May, a sharp 75.5 per cent rebound from 277 in April, as stay-at-home buyers became more confident of committing to a purchase during the circuit breaker.

May saw a higher number of affordable homes sold with over 90 per cent in outside central region (OCR) and rest of central region (RCR). OCR sales were 256 units in May, more than 2.5 times April's 98; and 189 in RCR against 77 in April. There were no new launches in the core central region (CCR) in May.

There seem to be more investors entering the market as sales of smaller or lower-priced units soared last month. These private homes tend to be more popular among investors given their affordability and attractive investment yield. Similar to reports by CDL where they sold more properties in Q1 2020 but at lower sales value.

Pent-up demand for new private residential units and substantial liquidity among families and individuals who are able to weather the disruptions of Covid-19 will create an environment for the recovery and subsequent strengthening of the private residential market in the later half of 2020, especially in the outside central region. New integrated development The Ryse Residences at Pasir Ris MRT will be an interesting launch to watch.

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