The 590-unit Trevista, in Toa Payoh Lorong 3 had the most sales, at 413 units, at a median price of $943 per sq f
DEVELOPERS sold 1,699 units of new private homes in August, down from July’s amazing all-time high of 2,772 units.
The frenetic pace slowed somewhat last month, which coincided with the start of the Hungry Ghost month, which is traditionally seen by the Chinese as an inauspicious. As such, some developers choose to lie low as superstitious buyers stay away.
Developers launched 1,641 units in August, down from 2,878 units in July, according to Urban Redevelopment Authority data released on Tuesday.
In August, three projects registered impressive sales, the data showed.
The 590-unit Trevista, in Toa Payoh Lorong 3 had the most sales, at 413 units, at a median price of $943 per sq ft.
About half of those units were snapped up in the afternoon on the first day of the preview.
At the 235-unit VIVA in Suffolk Walk, buyers picked up 203 units at a median price of $1,537 psf.
There was also Optima @ Tanah Merah, which sold 164 units last month at a median price of $843 psf.
The luxury-end sector remained quiet, though one unit of Scotts Square in Scotts Road was sold last month at a whopping $4,304 psf.
Singapore’s home sales reached 10,000 units in the first seven months, more than the 4,300 sold for the whole of 2008, prompting the Government to rein in the private property market to prevent it from overheating.
On Monday, it banned a popular scheme that allowed cash-poor buyers to defer paying the bulk of their purchase price until the property was completed, as well as barred developers from offering the interest absorption scheme for new properties.
At the same time, to cool the market, the Government is resuming land sales next year, a move that will increase the supply of new sites and curb rising prices.
Measures introduced in January’s Budget to help developers ride the recession, which include deferring property tax and giving developers more time to complete their housing projects, will also not be extended.
Source : Straits Times – 15 Sep 2009
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