Sales of private residential properties in Singapore increased during March, the first rise after four consecutive months of decline.
The Urban Redevelopment Authority (URA) reported sales of 1,386 private homes were sold last month, up 25 per cent month-on-month from the 1,105 units sold during February. Including Executive Condominiums total sales were recorded at 1,543 units.
The suburban region recorded most sales at 631 units sold,while the Central region saw the least at 263 units sold. H2O Residences in Sengkang was the most popular development in March, with 255 units, and the highest price was achieved by a unit at Scotts Square in the city region which sold for S$4,334 (US$3,480) per sq ft.
The cheapest price recorded by the URA was for an Executive Condo units at The Canopy which sold for S$530 (US$425) per sq ft.
Joseph Tan, Executive Director of Residential at CB Richard Ellis, said: “New home sales in March numbered 1,386 units, signalling a pick-up in activity compared to the 1,105 and 1,210 units sold in February and January respectively.
“In total, 3,701 new homes were sold in the first quarter of 2011. However, this is 12 per cent lower than the 4,241 new homes sold in the fourth quarter of 2010. The lower volume could be attributed to speculators being weeded out by the cooling measures. The current volume represents genuine demand from occupiers and investors.”
Tay Huey Ying, Consultant of Research and Advisory at Colliers, noted that developers are expected to continue pushing out their projects in April 2011 to ride on the current buying momentum. She said it is also to their advantage to push out their projects now, rather than later – in view of the global uncertainties surrounding the political unrests in the Middle East/North Africa and the crisis in Japan, as well as risks of further Government cooling measures.
“While buyers may become more selective and price sensitive, affordably-priced projects with good attributes are still expected to enjoy healthy sales, it said. As such, both developers’ launch and sales volume are expected to stay at above the 1,000-unit level in April 2011 and could possibly challenge March 2011’s level,” said Ms. Tay.
Source : Property Report – 15 Apr 2011
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