May 2014 private home sales: A case of "咸鱼翻生“...?

By The Folks @PropTalk - June 16, 2014 No Comments

It was reported in the local media today that the private residential property market has sprang back to life in May after months of remaining in the doldrums, with developers’ sales surging 96% as buyers snapped up units at the slew of new launches last month.

Developers sold 1,470 new private homes last month, nearly doubling the 749 units that they moved in April, latest data by the Urban Redevelopment Authority (URA) showed on Monday (June 16).

Including executive condominiums (ECs), new developer sales rose to 1,528 units in May from 797 units in April.

The improved sales volume came as developers launched 1,790 new units into the market in May, nearly three times more than the 600 homes recorded in the previous month.

Two projects by City Developments topped the best-selling list for the month. Coco Palms at Pasir Ris Grove moved 590 of the 600 condominium units launched at a median price of $1,018psf, while Commonwealth Towers at Commonwealth Avenue sold 275 of 400 homes at $1,626 psf.

Besides the successes of new launches, May also saw another re-launch that did well: Wheelock Properties’ The Panorama at Ang Mo Kio sold 100 of the 126 units offered last month at a median of $1,241 psf.

咸鱼翻生:  This is a Cantonese idiom that literally translate as "salted fish coming back to life". The idiom is used to describe a hopeless situation that suddenly turns hopeful.

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