Far East acheive record home sales in first 5 months

Property developer Far East Organization sold 2,200 new homes in Singapore during the first five months of the year.

This includes suburban projects such as The Hillier in the northwest and Watertown in the northeast.

According to a media report, projects by Far East helped lead the rebound in home sales this year, with Watertown in Punggol accounting for over 50 percent of the 1,872 units sold in January. URA (Urban Redevelopment Authority) data also showed that April home sales climbed to a near three-year high of 2,487 units, boosted by developments like Hillsta (pictured), also by Far East.

Nicholas Mak, Executive Director at SLP International Property Consultants, said that property developers will continue to develop projects in the outskirts to cater to demand from local buyers.

“Due to their purchasing power, local residents will find suburban properties more affordable.”

He said that the government will likely introduce more cooling measures following the surge in home sales, adding that it is difficult to predict what could trigger another round of curbs.

Source : PropertyGuru – 6 Jun 2012

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