Tue, Apr 16, 2019 - Page 10 News List

Singapore home sales rise as new projects unveiled

Bloomberg

Private-home sales in Singapore soared last month as developers marketed more projects after a typically slower February that included the Lunar New Year holiday.

Developers sold 1,054 units last month, more than double the 455 in February, the Singaporean Urban Redevelopment Authority (URA) said in a statement yesterday.

Residential home prices decreased for a second straight quarter in the three months that ended on March 31 after the government added cooling measures in July last year, helping to buoy demand.

Sentiment is proving most positive in the super-luxury segment, with a significant pick up in sales, property broker OrangeTee & Tie Pte said.

Last month, 25 new homes were sold above the S$5 million (US$3.7 million) mark, the most since December 2013.

Ten of those apartments were bought by Singaporeans, while 15 were purchased by foreigners, URA data show.

In Singapore, foreigners cannot purchase so-called landed property, except on Sentosa Island.

The highest-priced unit was a penthouse apartment at Boulevard 88, a luxury development near the famous Orchard Road shopping precinct, that went for S$28 million, or S$4,927 per square foot (0.09m2).

That is the highest price per square foot for a new unit since June 2013, OrangeTee said.

“Having being on the sidelines since the introduction of the property-cooling measures eight months ago, buyers and investors have started to feel more confident,” PropNex Realty chief executive officer Ismail Gafoor said. “Developers are continuing to price sensitively.”

The number of new apartments launched for sale last month was 1,812, compared with 596 in February, the data showed.

Sales for the first quarter reached 1,946 units, 23 percent higher compared with the same period last year, they showed.

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