Steep rise in April private sales

Sales of new private homes in Singapore rose by more than 55 percent month-on-month during April to reach 745 units, according to data released today by the Urban Redevelopment Authority (URA) today.

Including Executive Condominiums (ECs) the number sold during last month was 793 units. A total of 586 private residential properties were launched for sale during the month.

During March a total of 480 private homes were sold by developers. Including ECs the number was 535. In February the total number of private homes sold by developers, including ECs was 769 units.

In April 2013 a total of 1,556 units, including ECs, were sold, resulting in a year-on-year decline of 52 percent.

The top-selling project last month was Lakeville which sold 210 apartments at a median price of $1,318 psf. This was followed by Sky Habitat which moved 130 units at $1,377 psf and The Sorrento where 125 homes were taken up at $1,414 psf.

The most expensive property sold in April based on median psf pricing came from Liv on Wilkie with one unit at $2,593 psf. Goodwood Grand was second with three units sold at a median price of $2,404 psf, followed by Duo Residences which moved two units at a median average price of $2,337 psf.

According to URA, prices as well as the number of units sold during the month are based on the Option to Purchase (OTP) issued by developers to buyers.

An OTP is a right or option given by the vendor to an intending purchaser to buy the property at a specified price within a specified period of time – the validity period of the option. The intending purchaser must pay a booking fee of between 5 – 10 percent of the agreed price for this right or option. The purchaser has to exercise the OTP within its validity period if he decides to buy the property.

Source : PropertyGuru – 16 May 2014

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