65% Slump In New Private Home Sales
Singapore’s recent slew of cooling measures combined with the Chinese New Year break have hit the property market hard.
708 new private homes were sold in February 2013, a 65 percent drop compared to the 2,013 units sold in the previous month, according to data from the Urban Redevelopment Authority (URA). Including executive condominiums (ECs), the sales volume was almost 60 percent down month-on-month at 917 homes.
Jittery developers held back new project launches to gauge the effects of the measures. Only 262 units were launched last month compared to 1,799 in January, a whopping 85 percent drop and the lowest number in two years.
The best-selling private residential projects in the month were d’Leedon in prime District 10 which sold 166 units at a median price of S$1,540 psf, followed by Q Bay Residences at Tampines which saw 74 units taken up at a median price of S$1,041psf.
Among ECs, The Topiary along Fernvale Lane saw the strongest interest, recording sales of 84 units at a median price of S$730 psf.
In total, 209 EC units were sold in February compared to the previous 256.
Source From PropertyGuru 15th March 2013