The data released by the Urban Redevelopment Authority has revealed the strong demand of private homes in Singapore in November which jumped by a whopping 15 percent. Strong demand of units in the new launches helped in taking the total number of private homes sold in November to 1,228 units, up from a revised figure of 1,070 in October. Strong sales in top new launches such as the Duo Residencies in Bulgis, which sold 600 units at the average price of S $1,999 per square foot or psf, the Alex Residencies at Redhill in the city fringes, moved 171 units at S$1,706 psf. These two projects have broken away from the established trend in the recent months where homes in the suburbs contributed maximum numbers to the overall figures. In fact, these two projects counted for more than half the total sales made in that month. The various regions that contributed to the monthly figure stands at 352 units for the city fringes, 214 in the suburban areas, and 662 units located in the core central region.
Demand for Private Homes Increases
December being the traditional lull period, the sales are going to be in the region of 300 to 500 units sold with only one major project in Ang Mo Kio launched during that month. According to the associate director of CBRE Research, Desmond Sim the lower sales during the month of December is primarily because of a function of supply with very few launches expected during that period. However, according the property consultants the data for the month of November has revealed that the underlying demand for private housing continues to thrive. The Total Debt Servicing Ration, which will impose loan curbs and make the buyers pay more on per square foot basis, may act as a dampener with developers building smaller units to maintain their profit margins.
Private Properties near MRT see strong demand
However, properties in the vicinity of MRT stations and providing amenities are likely to enjoy profitable take-up rates. Moreover, trends have revealed the willingness among buyers to respond positively to developers who price their projects reasonably. In fact, units priced between S$1 million to S$1.5 million would be extremely competitive and genuinely interested buyers will not mind spending the cash if they get good value for their money. Apart from residential units, two EC projects moved well their units in November. Sales were up by a whopping 55 percent in November compared to the preceding month, with the sales figure standing at 1,714 new units including Executive Condominiums. Moreover, the price will expectedly come down in 2014 by as much as three to ten percent because of a strong pipeline of projects. In addition, developers are supposed to push down the prices and make their units more affordable to the buyers to drive up the ales figure next year.
Riverbank Condo will see strong demand due to price
Riverbank condo in Sengkang will see strong demand due to the location as well as the price. Analyst predict that the price will be very reasonable given the price that the developer have bid for the land