Private home sales up 41.7% in May

Private home sales up 41.7% in May

Excluding executive condominiums, property developers sold 1,056 units last month compared with the 745 units sold in April, data from the Urban Redevelopment Authority shows.

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SINGAPORE: Sales of new private homes rose 41.7 per cent in May, an improvement from the number of private units sold the previous month.

Excluding executive condominiums (ECs), property developers sold 1,056 units last month compared with the 745 units sold in April, data from the Urban Redevelopment Authority (URA) showed on Wednesday (Jun 15).

A total of 1,388 units - including ECs - were sold, up from April’s 1,291 units. The top sellers were the new launches, GEM Residences (312 units) and Stars Of Kovan (76 units).

According to ERA's Key Executive Officer Eugene Lim, investors were the main driver of sales at these projects, with 1 and 2 bedroom units at GEM Residences being the most popular among buyers.

Projects which are located near MRT stations continue to be favoured by buyers, with projects such as The Poiz Residences, Sturdee Residences and The Panorama among the best-selling projects in the month, he said.

"This shows that there is sustained demand for existing projects," added Mr Lim. "Buyers are discerning, they go for projects which offer them the best value for their money."

PropNex added that the transaction volume will continue to be launch-driven, as well as largely dependent on the price and location of the project. The luxury segment is also showing signs of a pickup due to strong performance of OUE Twinpeaks, it said.

“Sales performance will likely hover at an average of about 500 to 700 units per month for the rest of the year. For the whole of 2016, we envisage sales volume to be between 7,000 to 8,000 units in all," said PropNex CEO Ismail Gafoor. “In Q3, the upcoming launches of Northwave and Treasure Crest ECs, and Lake Grande boost volume as developers look to step up their launch activities before the Hungry Ghost Festival hits in August."

Source: CNA/xk

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