New Private Home Sales Up 53% In May
Latest Private New Homes figures released by URA depicted a total of 1,121 private new homes (excluding ECs) transacted in the month of May 2018, a 53.1% increase from 732 units (excluding EC) sold in April 2018. As expected the number of sales crossed the 1,000 mark in May (Including ECs) with buyers continue picking up newly launched units and unsold ones from existing developments. The top-selling project was Twin VEW, followed by Rivercove Residences EC, Amber 45, LeQuest, Seaside Residences and The Tapestry.
Based on Mr Ismail Gafoore’s, CEO of PropNex Realty, observation of the current market, he remarked, “Recent launches in April and May at Verandah Residences, Rivercove Residences EC, Twin VEW witnessed close to or with some even more than 80% units sold within a single day. This demonstrates the ongoing strong appetite from home buyers, upgraders and foreign investors who are taking up smaller units of 1 to 2 bedrooms within the first few hours of the launch. Those who were waiting by the sidelines in the last few years are now purchasing units at new launches, sensing that prices might increase moving forward.”
He observed that, “With robust en bloc transactions, there will be record number of transactions this year as displaced owners look for replacement homes or purchase private properties as an investment property. The bullish land bids at GLS sites and high prices fetched at collective sales may lead to price hike for properties in the third quarter of 2018.”