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S’pore July private home sales soar to record high

Posted on 17 Aug 2009 | Comments Off

Private home sales in Singapore soared to a record high for the second straight month in July, indicating increased confidence and speculation in the city-state’s property market, government data showed on Monday.

The Urban Redevelopment Authority (URA) website showed developers sold 2,767 private homes in July, smashing the previous monthly record of 1,825 units that was set in June.

Mohamed Ismail, CEO of PropNex, a real estate broker, noted that over 40 per cent of sales involved mid- to higher-tier homes costing above S$1,000 ($692) per square foot, indicating the boom was no longer restricted to cheaper apartments.

The higher selling prices were also ‘a result of developers reacting to consumers’ demand and raising the prices’, he added.

The URA data showed that City Developments, Fraser & Neave’s property arm Frasers Centrepoint and banker Wee Cho Yaw’s UOL Group were Continue reading →

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Posted in Property Market / Real Estate

Tagged Singapore Property, Singapore Property Market

On the road to recovery

Posted on 17 Aug 2009 | Comments Off

Pauline Goh
Managing Director
CB Richard Ellis Singapore

DESPITE an economy that’s still in negative territory, there has been significant demand for private residential housing. New home sales totalled 7,250 in the first half of 2009 – up 70.0 per cent from 4,264 sold in the whole of 2008.

Several factors combined to bring about this pick-up. Potential home-buyers who had substantial savings when the economy was booming from 2005-07 were priced out of the private residential market as prices rose too quickly. Now that prices have corrected – some 25 per cent from the peak in Q2 2008 – buyers are taking advantage of the opportunity to purchase. In addition, investors have switched their focus to property after losing faith in structured products during the debacle that affected big-name financial institutions last year. Continue reading →