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Private new home activities registered an 86.5 per cent increase from February

Latest Property Real Estate News - Published on 16/04/2018

Private new home activities registered an 86.5 per cent increase from February

URA latest Private New Homes figures released today depicted a total of 716 private new homes (excluding ECs) transacted in the month of March 2018. This is an 86.5 per cent increase from the total units sold (384 units) in February 2018.

Mr Ismail Gafoor, CEO of PropNex Realty remarked, “After the slower months of January and February due to festive periods, the performance in March illustrates how the momentum of the property market has since picked up, with strong demand and increased confidence from buyers. Many are making their moves and picking up balance units from existing projects and new launches in anticipation of the further property price increase in 2018.”

In March, a total of 614 units were launched in the market. The top selling project was the newly launched condominium The Tapestry by City Developments Limited, marketed by PropNex Realty which contributed 46 per cent of units sold in March 2018. All the Top 5 performing projects are from Outside Central Region (OCR) and 75 per cent of total units sold in March (537 units) were contributed from the region as well.

Mr Ismail Gafoor, highlighted, “Looking forward, the launches for Rivercove Residences EC, The Verandah Residences and Park Place Residences plus the sales of balance unsold units of existing developments will contribute to more than 1,000 units sold in the month of April 2018.”

He added, “The second quarter of 2018 will definitely see a better performance as buyers’ confidence in the property market continues and developers lining up more launches within that period.”

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