Demand for new private homes in S’pore up 15% in November

Demand for new private homes in Singapore jumped 15 per cent in November, led by strong sales from new launches such as Duo Residences in Bugis and Alex Residences at Redhill.

According to data from the Urban Redevelopment Authority (URA), 1,228 units of new private homes were sold in November, up from a revised 1,070 units transacted in October.

Among the units sold, 214 are located in the suburban areas, 352 units in the city fringe, and 662 units in the core central region.

Duo Residences in Bugis was the top selling private development in November. Its developers moved 600 units at a median price of S$1,999 per square foot (psf).

Alex Residences also found buyers for 171 units at S$1,706 psf.

Property consultants said November’s data showed that underlying demand for the private housing market is still strong.

Mohamed Ismail, CEO of PropNex Realty, said buyers have become more selective in their property purchases, with the introduction of property loan curb.

However, strong sales figures for selected developments over the past month showed that buyers responded positively to developers who had adjusted their pricing strategies.

Two EC projects also performed well in November. Sky Park Residences in November moved 271 units, while Waterwoods in Punggol sold 131 units.

Including sales from executive condominium (EC) projects, 1,714 new units were sold in November, up 55 per cent from October.

Source : Channel NewsAsia – 16 Dec 2013

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