Feb 17, 2014

New private home sales increased 54 percent during January to reach 565 units, according to public data published today by the Urban Redevelopment Authority (URA).

Including executive condominiums (ECs), 610 units were sold last month compared to the 333 homes taken up in December 2013 which was a five-year low for private home sales in Singapore.

Approximately half of January's sales came from a single project - The Hillford (pictured) in Jalan Jurong Kechil.  

Meanwhile, 549 private housing units were launched in January, of which none were ECs. This is up from the 118 units released previously.

Despite the rise in transactions, last month's total is still a 73 percent decline year-on-year compared to the 2,284 units sold in January 2013.

The top three best-selling projects in the month are The Hillford in the Rest of Central Region (RCR) which sold 281 units at a median price of $1,105 psf, followed by The Panorama in the Outside Central Region (OCR) which moved 58 apartments at $1,343 psf, and La Fiesta in the OCR recording sales of 16 units at $1,187 psf.

The most expensive unit sold in January based on psf price came from Skyline @ Orchard Boulevard which sold one unit at $3,362 psf. This was followed by The Scotts Tower with one unit sold at $2,870 psf and a unit at Skysuites @ Anson at $2,775 psf.

According to URA, prices, as well as the number of units sold during the month, are based on the Option-to-Purchase issued by developers to buyers.

An Option-to-Purchase is a right or option given by the vendor to an intending purchaser to buy the property at a specified price within a specified period of time - the validity period of the option. The intending purchaser must pay a booking fee of between 5 – 10 percent of the agreed price for this right or option. The purchaser has to exercise the Option-to-Purchase within its validity period if he decides to buy the property.

Info courtesy - PropertyGuru