Number of private homes sold up 7 per cent from September, Latest Business News - The New Paper

Number of private homes sold up 7 per cent from September

This article is more than 12 months old

With a solid showing of private home sales last month, developers should close the year on a strong note, even as the Government cautioned it could step in to temper over-exuberance in the market.

Based on the latest data from the Urban Redevelopment Authority (URA) yesterday, developers sold some 969 new private residential homes and executive condominium (EC) units, an increase of 7 per cent from September.

They also launched more units - 242 homes - during the month, up from 73 homes in September.

Excluding ECs, the 758 private residential units sold last month also represented a 15.4 per cent increase from September.

The top-selling projects for October were earlier launches, including Sophia Hills, jointly developed by Hoi Hup Realty and Sunway Developments, Martin Modern by GuocoLand and Qingjian Realty's EC project iNz Residence.

Also reflecting the improved sentiment towards high-end homes, the two top-selling private residential projects last month were both in the prime region or Core Central Region (CCR).

At Sophia Hills, 62 units were sold at a median price of $2,029 per square foot (psf) while at Martin Modern, also in district 9, 47 units went for a median $2,343 psf.

The two low-key project launches last month included The Navian by Roxy-Pacific Holdings in Jalan Eunos, which launched 24 out of 48 units and sold 12 at a median price of $1,543 psf.

Carpmael 38, developed by a private company Lim Wen Heng Construction, launched 16 units.

Some 44 per cent of private homes sold by developers last month were in the suburban region or Outside Central Region.

But it was the CCR that saw the biggest increase, to 141 units last month.

PropNex Realty chief executive Ismail Gafoor attributed this to price.

He said: "Today's CCR property prices, averaging between $2,000 psf and $2,300 psf, are deemed very attractive because new launches in 2018 in the Rest of Central Region are predicted to hit well above $1,700 psf, thus narrowing the price gap between the two."