Continued Market Exuberance Despite No Major New Launches In October
URA latest Private New Homes figures released yesterday depicted a total of 758 private new homes excluding ECs and another 211 units (ECs) transacted in the month of October 2017.
“The new private homes figures are seeing a 15.4 percent increase from the previous month of September of 657 units that were transacted (excluding ECs), is largely attributed to the positive market sentiments and greater confidence as more investors and home upgraders are picking up units that are rightly priced. There is stronger sense of urgency amongst buyers as they are sensing that developers are likely to increase prices of existing projects in tandem to new project launches in 2018,” commented Mr Ismail Gafoor, CEO of PropNex Realty.
“We believe that transactions will finish strong in the next 2 months as buyers are making a move now to purchase properties with total estimate transactions of 12,000 private properties (excluding ECs) and 4,000 ECs this year.”
Sophia Hills in CCR leads in number of transactions
A total of 62 units of Sophia Hills were sold in the month of October. This month, none of the projects crossed the 100 units mark with the top performers as list below:
CCR properties continues to be sought after
Properties in the Core Central Region (CCR) continues to be the most sought after, accounting for 143.1 per cent increase M-O-M (141 units) of new private home sales (excluding ECSs) while Rest of Central (RCR) and Outside Central Region (OCR) accounted for 5.6 per cent (283 units) and 0.9 per cent (334 units) increase comparing month-on-month respectively.
“Today’s CCR property prices, averaging between $2,000psf to $2,300psf, are deemed very attractive because 2018 new launches in RCR are predicted to hit well above $1,700psf, thus narrowing the price gap in these 2 regions. Many home investors are seeing the CCR value entry prices now, hence these properties are going to continue to picked up in the next few months,” concluded Mr Ismail Gafoor.