More on the October Private home sales rebound...

By The Folks @PropTalk - November 16, 2010 No Comments

We have posted the October private home sales figure (1,058 units) yesterday, which saw a 16.1% increase from September’s figure (911 units). In addition, developer sold 529 units of EC in October, taking the total developer sales to 1,587 units.

Following are more info extracted from the BT today:

In the first 10 months of this year, developers sold 13,109 private homes excluding ECs – against 14,688 units for the whole of last year. Property consultants reckon the full-year tally may reach 14,700 – 15,000 and could surpass the record 14,811 units sold in 2007.

The number of private homes (excluding ECs) sold by developers in the Core Central Region and Rest of Central Region rose, but sales in Outside Central Region (where mass-market homes are found) fell about 25%.

In tandem with this trend, Colliers International’s analysis shows that the number of private homes (excluding ECs) costing up to $1,000psf sold by developers declined from 427 units in September to 183 last month.

Some of the demand in the low-price band was probably siphoned off to the two new EC projects released last month – Esparina Residences in Buangkok and The Canopy in Yishun – the first EC launches in five years, with sales of 425 units (at $761psf median price) and 104 units (at $658psf median price).

The number of private homes sold in the $2,000 to $2,500psf price band in October was 207 units, or about eight times the 26 units developer sold in September. The increase was partly due to the release of The Glyndebourne (along Dunearn Road) and Suites at Orchard (at Handy Road).

Developers also continued to roll out smallish units to drive up sales and per square foot prices, such as Suites @Sims, RV Point along River Valley Road and Kovan Grandeur.

The most expensive home sold by a developer last month was a $4,800psf unit at Boulevard Vue, a 33-storey freehold development at Cuscaden Walk. The deal involved a 4,500sqft high-floor apartment, amounting to $21.6 million (??!!).

Excluding ECs, developers released 1,070 private homes in October, slightly above the 1,058 units in September.

Other than the 2 ECs, projects that sold well last month include The Glyndebourne (112 units at $2,149psf median price), NV Residences (81 units at $831psf), Suites at Orchard (80 units at $2,140psf) and Vacanza @East (77 units at $1,081psf).



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