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New private home sales up 81.8% in March with more launches

New private home sales up 81.8% in March with more launches.

SINGAPORE: The number of new private homes sold by developers continued to surge in March, increasing 81.8 per cent from 979 units in February to 1,780 last month, according to figures by the Urban Redevelopment Authority (URA) on Monday (Apr 17).

The 1,780 units sold in March also more than doubled the 843 sold in the same month last year.

Including executive condominiums (ECs), 2,358 units were sold last month, more than the 1,308 sold in February. This means that there were 578 ECs sold last month, a 75.7 per cent jump from the 329 units sold in February.

There were 1,527 new units launched by property developers last month, up from 1,308 in February. The biggest launches were in Grandeur Park Residences at Bedok South Avenue 3 (720 units), Park Place Residences at PLQ, Paya Lebar Road (217 units) and The Trilinq at Jalan Lempeng (105 units).

"These are very strong numbers, indicative of the latent buying demand that is still very much prevalent in the market today," ERA Realty Network key executive officer Eugene Lim said.

Mr Lim noted that small units were the main contributor to sales at newly launched projects, with two-bedroom and smaller units accounting for 352 and 129 units at Grandeur Park Residences and Park Place Residences at PLQ respectively.

He added that while larger units saw a relatively slower pace of sales, these units tend to find buyers only in the later stages of construction when the projects are completed or close to completion, as those buying such units tend to be those living in them and prefer a shorter waiting time to move in.

"The coming months will see more projects being launched as developers look to capitalise on the strong buying momentum exhibited," Mr Lim said.

He also said he expected about 8,000 to 9,000 private residential units and 2,500 to 3,000 EC units to be sold by developers in 2017.

Adapted from: CNA 17th April 2017.