The market of new private homes appears to have improved as developers sold 381 units in January. The figure was an increase of 17.6% from the 324 units that were sold in January 2016, according to URA data that was released on February 15.
In comparison to December 2016 sales of 367 units, the January figure was 3.8% higher.
Majority of the sales were in the outer region in the suburbs where 238 units were sold. The city fringes recorded sales of 110 units while the core central region sold 33 units.
There was only one launch in January of the 78-unit 12 on Shan that had 30 units released for sale.
The project with the highest sales in January was Parc Riviera that had 38 units sold at $1,270 psf average price. Following closely was The Santorini whose 30 units were sold at an average price of $1,066. The Trilinq was third with the sale of 25 units at an average price of $1,339 psf.
“The sale of new homes in January has taken the same momentum that was towards the end of 2016. Since there was a shortage of new launches, buyers chose to invest in the assorted existing projects,” said Desmond Sim, CBRE Research head.
These figures do not include the sales of executive condominiums. While including ECs, the total sales figure for January 2017 was 565 units. This was a 17.7% increase from the 480 units that were sold in January 2016.
The Terrace was the executive condominium with the highest sold units in January at 41 units selling at $779 psf. Sol Acres followed with its 40 units having been sold at an average price of $797 psf. The Vales was third after its 17 units were sold at an average price of $827 psf.