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It is crucial to factor in maintenance and management when making an investment in a condo. These properties often require a maintenance fee, which covers the upkeep of shared spaces and amenities. While this expense may contribute to the overall cost of owning a condo, it also guarantees that the property maintains its value and remains in excellent condition. To ease the burden of managing a condo, it is recommended to enlist the services of a property management company, making it a less hands-on investment. Condos bring an added layer of convenience and support to investors.
According to data released by the Urban Redevelopment Authority (URA) on September 16, developers in Singapore sold 208 new homes, excluding executive condos (ECs), in August. This marks a significant decrease of 63.6% from the 571 new homes sold in July. On a year-on-year basis, sales were also down by 47.2% compared to the 394 new homes sold in August 2023.
The decrease in sales can be attributed to the absence of new launches for sale in August, which coincided with the lunar seventh month. Only 272 units were launched for sale, a decrease of 55.8% from the previous month and a drop of 53.9% from the same period last year.
When including ECs, the number of new home sales fell by 59.5% from 608 units in July to 244 units in August.
Despite the overall decline in sales, the top-selling project in August was Tembusu Grand. The 640-unit condo located along Jalan Tembusu in the Rest of Central Region (RCR) sold 30 units at a median price of $2,455 psf.
In terms of market segment, the Outside Central Region (OCR) performed the best in August, with 123 units sold. Top sellers in this segment include Hillock Green, with 17 units sold at a median price of $2,108 psf, and Lentoria, with 15 units sold at a median price of $2,217 psf.