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SG New private home sales plunge 19%

Property Here - Friday, November 15, 2013

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Sales of new private homes in October reached 1,009 units excluding executive condominiums (ECs), revealed data from the Urban Redevelopment Authority (URA). This is a 19 percent decline from the 1,246 units sold in September.

The drop was partly attributed to fewer launches of 1,124 units in October compared with September’s 1,806 units.

Over 90 percent of new home sales in the month came from the Rest of Central Region (RCR) and Outside Central Region (OCR). According to a statement from PropNex Realty, this is due to the presence of larger projects with more units available for sale and their more budget-friendly launch prices compared to other regions.

The five best-selling projects for October are:-

1.    The Inflora – 388 units sold at a median price of S$952 psf

2.    Nine Residences – 96 units moved at S$1,107 psf

3.    The Venue Residences – 39 units found buyers at S$1,457 psf

4.    Grandview Suites – 37 units sold at S$1,301 psf

5.    Sky Vue – 36 units sold at S$1,434 psf

Commenting on the strong demand seen for The Inflora, Mohamed Ismail, CEO of PropNex, said: “99 percent was sold after one week of its launch, and I believe the sweetener is the right pricing (at median price of less than S$1,000 psf) with the right quantum which led to the overwhelming demand.”

Moving forward, Ismail expects sales volume to stay at the current level of about 1,000 units per month for the rest of the year due to the government measures and tough economic conditions.