Strong week for private home sales

Approximately 325 new private homes were sold over the past week, amid property launches and rock bottom interest rates.

67 units were sold at Far East Organization’s 338-unit SeaHill in West Coast Link, taking total sales to 185 units since it was launched last month. Homes at the 99-year leasehold project were sold for an average of S$1,329 psf.

Far East also saw 34 more units taken up at the Hillsta in Choa Chu Kang, Silversea along East Coast and euHabitat in Eunos.

Meanwhile, MCL Land sold 27 homes at the 679-unit Ripple Bay in Pasir Ris, bringing total sales to 532 units at an average price of S$870 psf.

At the same time, over 200 units at Eight Riversuites in Whampoa East were sold at a private preview over the weekend. The 99-year leasehold project has an average selling price of S$1,400 psf, inclusive of the five percent early-bird discount.

The strong results mean that private home sales in Q1 have set a new quarterly record, with 6,682 homes sold. A big number of units sold were smaller units or shoebox apartments measuring 500 sq ft or less.

Mohamed Ismail, Chief Executive Officer of PropNex Realty, believes the sustained sales momentum reflects a strong appetite for new and reasonably priced projects located in strategic areas. In addition, he anticipates sustained healthy demand in the next one to two quarters.

Source: PropertyGuru – 8 May 2012

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