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Latest Property Real Estate News - Published on 17/10/2017
Private new homes segment displayed exuberance in sales despite fewer launches in Sept
Market displayed exuberance in sales despite fewer launches in Sept
The figures released for today depicted a total of 657 private new homes excluding ECs and another 249 units (ECs) transacted in the month of September 2017. Total private new homes (excluding ECs) sold to date (first 9 months) have crossed the 9,000 mark at 9,582 units. While the activities in private new homes segment tend to be generally slower in September with only 73 units launched this year (the lowest in the whole of 2017) alongside the presence of the Hungry Ghost Month, CEO, PropNex Realty Mr Ismail Gafoor is certain that the greater confidence amongst buyers will translate in healthy transactions for the rest of the year. “With the stronger sense of urgency amongst buyers, we believe that transactions will finish strong in the last quarter as buyers are making a move now to purchase properties sensing that prices are set to increase in the future with the higher land bids and en bloc prices.”
With limited new launches expected in the last quarter and declining stock of existing projects, Mr Ismail predicts that total transactions may cross the 16,000 mark with 11,000 to 12,000 private properties and 4,000 ECs transacted this year.
PARC LIFE EC in OCR leads in number of transactions
A total of 48 units of Parc Life Executive Condominium were sold in the month of September. This month, none of the projects crossed the 100 units mark with the top 5 performance as per below:
OCR properties continues to be sought after
Properties in the Outside Central Region (OCR) continues to be the most sought after, accounting for 64 per cent (580 units) of new private home sales (Including ECSs) while Rest of Central (RCR) and Core Central Region (CCR) accounted for 29.6 per cent (268 units) and 6.4 per cent (58 units) respectively.