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Latest Property Real Estate News - Published on 15/10/2012
Private property transaction activity rebounded in September, reversing the effects of August’s ghost month lull. The freshly released data from URA saw 2,621 new private homes (excluding ECs) being snapped up by homebuyers, which translates to 84% increase M-on-M. In fact, September sets the record volume of transactions (excluding ECs) in new private residential homes sold. This brings the total number of new private homes that were transacted so far in 2012 to 18,223, already surpassing 2011’s record of 16,369 private residential homes sold (excluding ECs).
Chief Executive Officer of PropNex Realty, Mr Mohamed Ismail commented “As predicted, the rebound in September transactions was a result of the abundant projects launched, sensitive pricing by the developers and a recovery from the traditionally lull August performance due to hungry ghost month. However, we expect the private residential market to moderate from October onwards with the latest cooling measure implemented. Homebuyers are limited to the housing loan tenure of 35 years and this policy is likely to affect the older homebuyers’ decision as this meant higher monthly instalment.”
In September, private homes in the OCR accounted for over 78% of all transactions. eCo, sold 402 units at $1,283psf. Other projects that sold well include Kovan Regency with 369 units sold at a median price of $1,275 psf; Riversails sold 203 units at a median price of $849psf while Foresque Residences sold 104 units at a median price at $1,090psf.
It was forecasted that a monthly total of 1,200 units to 1,500 units to be sold in the next few months, except in December, as developers may hold their new launches during school holidays. However, Mr Ismail noted that new private home sales figures to come at between 20,000 to 22,000 units (excluding ECs) in the entire 2012.
“Overall, prices have largely stabilised and volume of transactions is likely to dip as potential homebuyers hold on to their home buys and adopt a wait-and-see approach. Developers will have to come up with a more creative approach with their upcoming new projects. With the year-end holidays round the corner as families travel overseas, it is predicted that it will be quieter in the next few months. However, this year’s private residential market will outperform last year mainly contributed by the OCR segment,” concluded Mr Mohamed Ismail.
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