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Latest Property Real Estate News - Published on 16/08/2010
In a sharp rebound from the last two months, July 2010 saw a surprising 1,544 private residential units sold, up from 1,078 in May and 847 in June.
“Consumers are obviously coming back in force to buy properties that are priced right,” explains PropNex CEO Mr Mohamed Ismail, referring to the fact that the three top-selling projects all had median sale prices under $1,500psf: The Scala sold 400 units at a median $1,173psf; Terrene at Bukit Timah sold 162 units at $1,248psf; and 368 Thomson sold 157 units at $1,403psf. Together, these three projects accounted for 46.6% of the total number of units sold.
“With a strengthening economy, the threshold for the price per square foot that buyers are willing to pay is slightly higher,” adds Mr Ismail, “hence a shift in the numbers to a larger proportion of the units sold coming in between $1,000psf and $1,500psf. In fact, only 13.2% of all the units sold fetched median prices below $1,000psf, the lowest percentage for over three years.”
Despite the fact that August is typically a quieter month for home sales given the hungry ghost festival, Mr Ismail notes that least 250 unit sales have already been reported in the first half of the month.
“Given this fact, and if developers continue to launch projects at affordable prices, the next four months should see an average of about 1,000 units sold,” he predicts. “The only exception might be August, which should still see at least 800 units being sold.”
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