Brisk private property sales amidst continued launches

NewsApril 15, 2009

At 1,220 units sold in March 2009, sales in the private property market have continued to remain encouragingly buoyant, despite a slight dip of almost 8% from February’s 1,323 units. After February 2009, this still remains the highest number of units sold per month since August 2007. In fact, even the higher-end property market showed a flicker of life, with one property transaction, namely Orchard Scotts, crossing the $2,000psf mark.

“We are seeing a continued market confidence (from February), and specifically a strong demand for lower-range properties in the outer areas that are priced below $1,000psf,” explains PropNex CEO Mohamed Ismail, referring to the fact that 85.6% of all the properties sold were in this price bracket. “This is a clear indication that HDB homeowners are still looking to upgrade to private property.”

Similar to February, the majority of the units sold in March 2009 came mainly from a few developments, seven in this case. And all of these registered a median price of below $1,000psf except for The Mercury, which sold 62 units. Altogether, these seven developments, which include Mi Casa, Caspian and Double Bay Residences, accounted for 689 units, or 56.5% of all units sold during the month.

With regards to the prices of units, Mohamed Ismail feels that prices will probably not go up in the near future, as HDB upgraders are taking the opportunity to upgrade now only because the gap between the HDB and private property price indices is at its narrowest. Neither will they go down, he notes, as developers are already pricing their units are near-breakeven prices.

“Nevertheless, the gloomy period seems to be over,” observed Mohamed Ismail, noting that the dismal sales figures of December 2008 and January 2009, at 131 and 107 respectively, were far surpassed by February’s and March’s figures.

However, he is uncertain as to whether we will continue to see the 1,000 units sold mark passed again in the coming months.

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