Developers sold 978 executive condominium (EC) units in July, according to figures released by URA on Aug 15. According to Nicholas Mak, SLP International head of research and consultancy, this is a "record high" since developer sales data were available in mid-2007.

Meanwhile, 1,108 private residential units were sold by developers in July, a 1.5% increase y-o-y compared to the 1,092 units sold in July 2016.

Hundred Palms Residences was the bestselling EC project in July, accounting for 54.3% of executive condominium (EC) units sold during the month. Developer Hoi Hup Realty sold all 531 units at the EC along Yio Chu Kang Road on its launch day, July 22. According to the URA data, the units were sold at a median price of $843 psf.

Martin Modern was the bestselling private project in July, with GuocoLand moving 109 units at a median price of $2,152 psf. According to GuocoLand, close to 90 units for the first phase of Martin Modern were sold over the project’s sales launch weekend alone, from July 22 to 23.

In July, MCC Land sold 82 units at The Santorini at a median price of $1,039 psf, which makes it the second-bestselling project. According to URA data on developer sales, there were 9 unsold units left at the project as at July 31. However, it is said that the project is now fully sold. In third place was EL Development’s Symphony Suites, with 73 units sold at a median price of $1,035 psf. Martin Modern, The Santorini and Symphony Suites are 99-year leasehold properties.

“The strong buying interest observed in 1H2017 is clearly keeping its momentum in 2H2017,” says Eugene Lim, key executive officer at ERA Realty. “Buyers are anticipating the market recovery to happen in 2018, and are choosing to make their purchase now in hopes of catching the market on its upswing.”

“At the pace of the current primary residential market sales, developers could sell between 12,000 and 14,000 new private homes this year, which is 50% to 70% more than the primary market sales in the previous year,” estimates Mak. “EC demand is also expected to increase due to the projected widening price gap between the prices of HDB resale flats and mass-market condominiums.”