Private home sales down in Jan but more units launched

Private home sales further slowed in January, according to the latest Urban Redevelopment Authority (URA) figures.

Some 107 deals were completed last month, compared to 131 in December.

Property agents said this is the lowest level recorded in the last two years – even lower than last October when global stock markets slumped.

Even so, developers placed more projects on the market, with 204 units released in January.

This was slightly higher than the 157 private homes released a month earlier, which had been the lowest level since June 2007.

Despite these gloomy numbers, real estate agency Propnex foresaw a brighter February.

The firm said this is because there has been good take-up from some recent launches this month.

For instance, the new developments Alexis@Alexandra and Caspian@Lakeside had enjoyed strong take-up with over 750 units sold.

Source : Channel NewsAsia – 16 Feb 2009

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