25% more new homes sold in first 9 months of 2007 than whole of 2006

The number of new private homes sold by developers in the first nine months of this year is expected to total 13,900, according to property consultant Knight Frank. This will exceed the 11,147 new units sold by developers in the whole of last year.

Knight Frank said developers continued to exhibit confidence in the property market by releasing several new residential projects into the market.

However, it expects new home sales in the third quarter to show a slowdown due to the US housing credit crisis.

It estimates the total number of new private homes sold by developers in the third quarter to come in close to about 4,000 units, down 24 per cent from the second quarter.

Nonetheless, Knight Frank said demand in the primary market in the third quarter is still one of the strongest in the past ten years.

It noted that projects such as M21, The Parc Condominium and The Rochester were launched and sold out within that same quarter.

Overall prices for private residential properties are estimated to have grown by seven to 12 per cent quarter-on-quarter in the three months to September. – CNA/vm

Source : Channel NewsAsia – 26 Sept 2007

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