Jul 15, 2014
Sales of new private homes in Singapore including executive
condominiums declined by more than 65 percent to 531 units after reaching 1,528
units in May, according to data published today by the Urban Redevelopment
Authority (URA).
The best-selling project by number of units sold in June –
for the second-month running - was Coco Palms which sold 55 units at a median
average price of $1,014 per sq ft.
The most expensive property sold in June based on median per
sq ft pricing came from The Laurels in Cairnhill Road which transacted one
units at $2,810 per sq ft.
Singapore witnessed an almost doubling of private new home
sales during May, recording 1,528 units versus a mere 797 units during April –
including executive condominiums.
A total of 4,798 new private homes, including executive
condominiums, have been sold during the first six months of the year, according
to data from URA. The first six months of last year saw a total of 11,868 units
transacted according to the same data source.
Also in contrast to this month’s figures June 2013 saw a
total of 2,119 private homes sold, including executive condominiums.
Last week Singapore’s Deputy Prime Minister and Finance
Minister Tharman Shanmugaratnam expressed his opinion that there will not be a
property market crash although he added that a further correction would not be
unexpected.
In recent months various government spokespeople have said
it’s too early to relax any of the cooling measures that it began to implement
In 2009 to control the red-hot real estate market in the city-state.
According to URA, prices as well as the number of units sold
during the month are based on the Option to Purchase (OTP) issued by developers
to buyers.
An OTP 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 OTP within its validity
period if he decides to buy the property.
Info courtesy -
PropertyGuru.com.sg
