Private home sales slow down in May

Data released Wednesday by the Urban Redevelopment Authority (URA) showed that 1,575 private homes were sold last month – a 12.7 per cent on-month drop from the 1,805 units sold in April.

Including Executive Condominiums (EC), the total sales in May would have reached an even more impressive figure of 1,825.

Chalking up the best sales was Terrasse at Terrasse Lane, which sold 184 units at a median price of S$994 per square foot.

The best selling EC was Belysa at Pasir Ris drive 1, which sold 162 units at a median price of S$691 per square foot.

The most expensive property sold in May was The Marq on Paterson Hill – a luxury property in the city centre – where a unit was sold at a median price of S$5,842 per square foot.

The lowest transacted price was at S$486 per square foot for a city fringe landed property called The Hiloft.

According to analysts, private home sales fell by almost half to just under 3,800 units in the first half of this year.

Analysts said this is due to a slew of property cooling measures, with the latest and most drastic introduced in January this year.

Source : Channel NewsAsia – 15 Jun 2011

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