Private home sales soar to 5200 units in Q1

Private home sales soar to 5200 units in Q1

Strong demand for new private residential projects has pushed home sales to 5,200 units in Q1 2012, second only to the record sales seen in Q3 2009 when a total of 5,578 units were snapped up.

According to CBRE Research, these figures are based on keen interest for the large supply of about 5,500 new homes sold during the quarter as well as low interest rates and high liquidity.

Li Hiaw Ho, Executive Director at CBRE Research, said, “This is the first time since the previous peak in Q3 2009 that the sales volume has exceeded 5,000 units in one quarter. It has been averaging 4,000 units each quarter for the past few years.”

He added that the increase in sales could be attributed to “the slew of projects featuring compact apartments that have flooded the market in recent years.”

“The smaller quantum of each unit makes compact apartments very affordable, providing a safe haven for investors who are keen to park their savings,” noted the consultancy.

Some of the projects that were fully sold during the quarter include Guillemard Edge (275 units at a median price of S$1,215 psf), Casa Cambio (198 units, S$1,390 psf), Millage (70 units, S$1,350 psf) and Tree Scape (30 units, S$1,400 psf).

As far as buyers’ interest was concerned, the location, pricing, proximity of MRT stations and product attributes were major factors, while rebates and discounts also helped boost sales.  

As of end-February, the best-selling projects are Watertown (pictured) in Punggol Central which saw a take-up of 924 units at a median price of S$1,250 psf, The Hillier in Hillview Avenue (457 units, S$1,325 psf) as well as Parc Rosewood in Woodlands (577 units, S$980 psf).

Source: PropertyGuru – 02 April 2012