S’pore private home sales soar 21%

October 19th, 2011 at 3:35 pm

The number of new private homes sold in Singapore last month rose to 1,631 units, up 21 percent from 1,351 units sold in August, according to data released by the Urban Redevelopment Authority (URA).

Including executive condos (ECs), the number of private homes sold in September hit 2,064 units.

“September’s results were remarkable and largely contributed by the sale of A Treasure Trove closing 683 units, making up 42 percent of the total transactions,” said Mohamed Ismail, Chief Executive of PropNex.

“These homebuyers are mainly HDB upgraders and the purchase rationale was the attractive pricing, with median price of S$915 psf in this development, and its proximity to the Punggol MRT.”

The highest selling projects (excluding ECs) in the Outside Central Region (OCR) and Rest of Central Region (RCR) were the main drivers of the strong sales figure, accounting for 929 units, or about 57 percent of the total number of units sold in September.

A Treasure Trove at Punggol was the best selling project in September with 683 units sold at a median price of S$915 psf.

Developed by Sim Lian Group, A Treasure Trove features two-bedroom, two-plus-study, three-bedroom, three-plus-study and four-bedroom units, as well as high-end single-level penthouses with seven bedrooms.

euHabitat came in second place with 138 units sold at an average of S$1,191 psf, while The Meyerise along Meyer Road followed with 108 units sold at an average price of S$1,789 psf.

Arc @ Tampines, an executive condominium at Tampines Avenue 8 sold 233 units out of the 574 units launched in September at an average price of S$734 psf. The increased interest could be a result of the government raising the income ceiling for ECs to S$12,000.

Moving forward, Tejaswi Chunduri, real estate analyst at PropertyGuru, said that home sales could see “sluggish demand due to the volatile economic conditions and seasonal slowdown, and might reach a total of around 1,200.”

“Home buyers and investors might take a more cautious approach and prices might adjust as per the market demands in the coming months,” she added.