New private home sales in May reached the highest level in 10 months, latest data from the Urban Redevelopment Authority showed.
A total of 1,056 homes were sold by developers last month, an increase of 41.2 percent from April, that saw sales of 748 units. May’s sales were made up of 582 homes on the city fringe, 414 units in the suburbs and 60 in the core central region.
According to The Straits Times, this was the best performance since July 2015, where developers managed to sell 1,655 units.
Sales in May were boosted by two popular new launches. Gem Residences, located in Toa Payoh, transacted 312 units at a median price of $1,431 per square foot.
Stars of Kovan in Upper Serangoon Road sold 76 units, with a median price of $1,414 per square foot. Existing projects that were located near MRT stations were also positively received.
“This shows that there is sustained demand for existing projects and buyers are discerning, going for projects which offer them the best value for their money,” said ERA Realty Network key executive officer Eugene Lim.
Knight Frank Singapore’s research head Alice Tan credited the rise in sales to a stabilising property market that is in a “tentative recovery mode”.
“The green shoots (of recovery) could potentially persist if interest rates remain low. Another consideration is whether there would be a general improvement in economic growth in the second half (of the year),” she said.
Mr Desmond Sim, CBRE’s research head for Singapore added: “This monthly sales figure is expected to moderate as there are no foreseeable new major launches. This is a result of the noticeable cutback on residential sites in the GLS (government land sales) programme.”
Read The Straits Times for more information.
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