15th Month High For Private Home Sales in Oct 2016

new-homes

The 364 units sold at Forest Woods last month have boosted private home sales significantly.

New private home sales soared to a 15-month high in October as two newly started projects registered steady take-up speeds.

Programmers sold since the 1,655 units sold in July 2015, reported Channel NewsAsia than double the 509 sold in September, and the maximum 1,252 new condominiums last month, more.

The bulk of the units sold were from two new projects — 334 units were sold at The Alps Residences in Tampines, while 364 units were sold at Forest Woods in Serangoon.

Including executive condominiums (EC), developers sold 1,540 units in October, higher than the 769 units sold during the preceding month. CBRE noted that flight to value seemed to be the key driver of demand.

“Buyers are prompted by value purchases in terms of competitive pricing and palatable quantums, as smaller units appear to be developing (the) most traction. Some buyers are also taking advantage of the current marketplace scenario to update,” said Desmond Sim, Head of CBRE Research (Singapore and Southeast Asia).

In fact, the 1,252 units sold in October have helped to lift whole year to date sales. And with two new projects launched this month — Parc Riviera and Queens Peak — CBRE revised its sales estimates to around 8,000 for 2016 units the 7,440 sold in than, higher 2015 and 7,316 sold  in 2014.

EC projects like Bellewoods EC also registered a better year to date performance, since July despite the lack of new launchings.

“Should there be a new EC project start before the end of the year, EC sales in 2016 could amount more than 4,000 units,” said Sim.

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