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Latest Property Real Estate News - Published on 15/03/2010
February’s private residential units sales of 1,196 units saw a 19% dip from January’s number of units sold, but still exceeded the 1,000 mark.
“Despite the considerable drop in number of sales, 1,196 is still an impressive figure,” highlights PropNex CEO Mr Mohamed Ismail. “Not only is February the shortest calendar month, but the Lunar New Year traditionally marks a quieter period for property purchases.”
For the second month this year, despite the cooler property market at the end of 2009, the number of units sold exceeded the number of units launched, an indication that buyers’ demand for private residential properties is still strong.
However, he then points out that only 638 properties, or 53.3% of the total sold, exceeded $1,000psf, contrasting the 1,122 units sold in the same category in January, which accounted for 76.0%.
“The middle to high-end markets may have seen a decline in their figures, but there is still movement in those markets,” observes Mr Mohamed Ismail, referring to the 150 units sold at Altez and the 82 units sold at Waterscape At Cavenagh for median prices of $1,817psf and $1,877psf respectively.
In March, other mid-range properties that should see sales include Aalto in Meyer Road, Coralis in Joo Chiat Road, The Vision in West Coast Crescent and The Laurels at Cairnhill Road, the last of which already sold 41 units in February at a median price of $2,741psf.
He maintains that this trend of a sizeable number of properties sold above $1,000psf will continue over the next few months, especially as the median prices for the mass market properties are also likely to breach the $1,000psf mark. This was evidenced by the fact that 99-year leasehold project The Vision saw all 100 units launched during its Phase 1 sale snapped up at $1,000–$1,200psf. This is a stark contrast to the nearby Blue Horizon, whose units this year have sold at between $764psf and $841psf.
Therefore, given his expectation that prices of private residential properties will maintain their buoyancy, Mr Ismail advises prospective buyers to buy now and not wait for prices to fall. However, he cautions all buyers to buy within their means and avoid speculative views, purchasing any property with a mid to long-term view.
