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Month of May private home sales reach 10-month high

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New private home sales in May reached the highest level in 10 months, latest data from the Urban Redevelopment Authority demonstrated.

May’s sales were made up of 582 houses on the city fringe, 414 units in the suburbs and 60 in the center central area.

Private home sales in May was chiefly driven by high demand from Stars of Kovan, one of the best-selling condominiums

According to The Straits Times, this was the best performance since July 2015, where developers managed to sell 1,655 units.

Two new launches that were popular improved sales in May. Gem Residences, located in Toa Payoh, transacted 312 units at a median price of $1,431 per square foot.

Stars of Kovan in Upper Serangoon Road sold 76 units, with a median cost of $1,414 per square foot. Existing projects that were found near MRT stations were also positively received.

“This demonstrates that there is continual demand for present projects and buyers are picking out, going for projects which offer them the best value for their cash,” said ERA Realty Network crucial executive officer Eugene Lim.

Knight Frank Singapore’s research head Alice Tan credited the rise to a stabilising property marketplace that is in a “tentative restoration way” in sales.

“The green shoots (of restoration) could possibly last if interest rates stay low.

CBRE’s research head for Singapore, Mr Desmond Sim included: “ This monthly sales figure is expected to moderate as there are not any new leading launches that were foreseeable. This is due to the noticeable cutback on residential sites in the GLS (government land sales) programme.”

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