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Latest Property Real Estate News - Published on 15/05/2012
As February and March were exceptional months for robust activities in the private property market, it was expected that the April’s sales to slowdown. On a contrary, the private property market transacted 2,487 units (excluding ECs) in April; another exceptional month since January 2012 with record number of new private property units being sold (excluding ECs). There was a marginal 3.7% increase from March’s number of 2,393 units sold.
Out of the total number of units 2,660 (including ECs) sold; 173 were comprised of Executive Condominium (EC) units. Developers were indeed successful in catching the buying trends in the past 3 months, even though there were fewer units launched in the month of April. It was forecasted that the sale of private properties to remain strong in the month of May with the launch of Watercolours and One Canberra, both being executive condominiums.
“It is clearly the HDB upgraders who are entering the private property market; these are genuine buyers with mid to long-term perspectives sustaining the market in the first quarter of 2012. This trend of buying is not dampened by the latest round of cooling measures on 8 December, although it had effectively stamped out short-term speculation in the private property resale market. The month of April saw some launches like Katong Regency sold a total of 244 units at $1,709psf while Ripple Bay sold 174 units sold at $876psf, and The Hillsta sold 154 units at $1,054psf and Palm Isles sold 153 units at $871psf. Home buyers are developing an interest in the mixed-used development like Katong Regency and thus that development was a top seller. The low bank borrowing interest rates and HDB upgraders’ interest had contributed and certainly helped boost the April sales figure,” remarked Mr Mohamed Ismail, CEO of PropNex Realty.
Mr Ismail pointed out that the strong response in April (excluding ECs) out of 2,487 units sold, 1,514 units or 60.8% of the sales were still concluded in the Outside Central Region (OCR). The Rest of Central Region (RCR) saw an increase of 41% from 511 units sold in March to 867 units sold in April.
The high-end market seemed to be picking up momentum as the number of units sold above $2,500psf had doubled from March and the Core Central Region (CCR) sales had doubled too. Although investors had remained more cautious about the mid- and high-end markets, April saw a returning investor confidence as the high-end property market showed signs of increase.
Mr Ismail predicted that the May sales figures to continue in the range of about 2,500 to 3,000 units sold as developers had lined up their string of new launches including executive condominiums.
END
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