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Latest Property Real Estate News - Published on 16/06/2014
As new launches go into full gear in May, new private home sales rebounded 97% in May with several major launches with attractive prices. In all, developers launched a total of 1,790 units with 1,470 units sold in the month (excluding ECs) — which signaled that underlying demand is strong despite the current weak buying sentiments.
The increase in new home sales volume in the last 2 months can be partly attributed to the seasonal effect as buyers go for house hunting after the festive period in February, whereby developers will usually begin ramping up their new launches to capture the market.
Coco Palms/Commonwealth Towers - the top performer in May
Buying activity in May was dominated by 4 projects, Coco Palms, Commonwealth Towers, The Panorama and Kallang Riverside.
CEO of PropNex, Mr Mohd Ismail concluded, “we expect sales performance in the subsequent months of 2014 to hover between an average of about 900 to 1,000 units per month. Private home sales in 2Q14 will likely improve by over 50% to about 3,000 units in total as market interest gradually returns with anticipation of developers' attractive offerings”.
“For the whole of 2014, we envisage that sales volume will be between 11,000 to 12,000 units in all. This is about 20% shy of the 15,000 units in 2013”.
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