After record number of transactions in the last few months, the figure of 1,699 private residential units sold for August 2009 is a more realistic statistic.
“Sensible pricing and a pent-up demand from the financial crisis led to the astronomical figures in the last few months,” explains PropNex CEO Mohamed Ismail. “That demand is probably waning, resulting in the 39% drop in units transacted from the previous month.
Mr Ismail expects the average number of transactions for 2009’s last four months to average 1,000 per month, with about 4,000 transactions for the rest of the year.
“Almost half of all the transactions for August 2009 came from just three projects,” he rationalizes. Trevista, VIVA and Optima@Tanah Merah were responsible for 780 , or 46%, of the total number of transactions for August. And, once again, the mass market still accounts for most of the transactions that took place.
Mr Ismail also cites the recent Government announcement to tighten housing loan rules as another factor that will curb speculation and create a psychological effect of increasing caution amongst buyers.
For enquiries, please contact:
Mohamed Ismail (CEO) 9487 1414
Adam Tan (Corporate Communications Manager) 9006 8726