NEW PRIVATE HOME
SALES HIGHEST IN 8 MONTHS
April 15, 2016
Property developers sold 843 private housing units,
excluding executive condominiums (ECs), in March 2016, according to new data
released by the Urban Redevelopment Authority (URA).
This represents a 178 percent jump from the 303 units sold
in the previous month. Year-on-year, sales increased by 37.5 percent.
OrangeTee said this is the highest tally of monthly
developer sales since July last year, when 1,655 units were moved.
But analysts were not surprised by the surge in new home
sales. DTZ said the period of March to May tends to see an increased level of
activity.
“Notwithstanding, consistent with what we see on the ground,
there are more buyers returning to the market. Most of these buyers look for
developments at choice locations at relatively lower quantums,” noted the
consultancy.
OrangeTee explained that there has been an accumulation of
pent-up demand from buyers who have adopted a wait-and-see attitude due to the
property cooling measures.
While these measures have side-lined many buyers due to the
increase in upfront costs and tighter financing conditions, buyers are still
willing to commit when there is perceived value in the market, the firm said.
“Good quality projects coupled with competitive pricing is
the key to excite dormant demand lurking in the private residential sector.”
Meanwhile, two of the best-performing new launches in March
were Cairnhill Nine and The Wisteria.
Located at Cairnhill Road, the 268-unit Cairnhill Nine by
CapitaLand sold 177 units last month at a median price of $2,441 psf. Over in
Yishun, NorthernOne’s The Wisteria saw 125 out of its 216 units snapped up at a
median price of $1,112 psf.
Looking ahead, OrangeTee said three new projects will be
launched in April and May, namely Sturdee Residences (305 units), Stars of
Kovan (395 units) and Gem Residences (578 units).
Info courtesy - Propertyguru
