CBRE: 21.7% fall in total value of new non-landed homes sold in 2011

The total value of new non-landed homes sold decreased by 21.7 per cent in 2011 compared to 2010 though the number of units sold dropped only 2.3 per cent, according to real estate consultancy CBRE.

13,611 caveats for non-landed homes amounting to some S$16.6 billion were lodged last year, compared to 13,933 caveats worth S$21.2 billion in 2010.

CBRE attributes this to the robust sale of shoebox units. It said the median size of new units in Q1 2012 fell by 42.3 per cent to 721 sq ft compared to Q3 2009. The median quantum paid for new apartments also fell to S$797,000 in the first quarter from S$1.06 million in Q3 2009.

Mr Li Hiaw Ho, executive director, CBRE Research, said: “Home buyers are lowering their risk by investing smaller sums … By offering more units costing less than S$1 million, developers have been able to attract not only families but also single professionals, empty nesters and retirees into the market.”

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