Singapore Home Sales Surge as Developers Market New Projects

(Bloomberg) -- Private-home sales in Singapore soared in March as developers marketed more projects after a typically slower February that included the Chinese Lunar New Year holiday.

Developers sold 1,054 units last month, more than double the 455 in February, the Urban Redevelopment Authority said in a statement Monday. Residential home prices decreased for a second straight quarter in the three months ended March 31 after the government added cooling measures in July, helping to buoy demand.

Singapore Home Sales Surge as Developers Market New Projects

Sentiment is proving most positive in the super-luxury segment with a significant pick up in sales, property broker OrangeTee & Tie Pte said. In March, 25 new homes were sold above the S$5 million ($3.7 million) mark, the most since December 2013. Ten of those apartments were bought by Singaporeans while 15 were purchased by foreigners, URA data show. (In Singapore, foreigners can’t purchase so-called landed property, except on Sentosa Island.)

S$28 Million Penthouse

The highest-priced unit was a penthouse apartment at Boulevard 88, a luxury development near the famous Orchard Road shopping precinct, that went for S$28 million, or S$4,927 per square foot. That’s the highest price per square foot for a new unit since June 2013, according to OrangeTee.

“Having being on the sidelines since the introduction of the property-cooling measures eight months ago, buyers and investors have started to feel more confident,” said Ismail Gafoor, the chief executive officer of PropNex Realty. “Developers are continuing to price sensitively.”

In other highlights from the URA figures Monday:

  • The number of new apartments launched for sale in March was 1,812, compared with 596 in February
  • Sales for the March quarter reached 1,946 units, 23 percent higher compared to the same period a year ago
  • Top selling new projects last month included:
ProjectUnits LaunchedUnits Sold
Treasure at Tampines490289
The Florence Residences20077
One Meyer6610
The Essence846
Boulevard 883526
1953 condo5818

Source: URA

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