The private property market appears to be stabilizing further with a recorded 1,143 sales for the month of September 2009, based on URA’s latest release.
“The second drop in two months,” says PropNex CEO Mohamed Ismail, referring to August’s and September’s 39% and 33% declines over previous months respectively, “is not surprising. The Government’s recent announcements to release more land, tighten housing loan rules and regulate the market have seen buyers exercising more caution and more speculators shying away.
“Pent-up demand has evaporated and we are seeing levels that are more sustainable in the long-term,” he adds. “Buyers are more rational in making their property decisions.”
“Once again,” Mr Ismail points out, “half of all the transactions for the month are from a few projects, or two in this case. Hundred Trees and The Interlace accounted for 570 sales, or 50% of all the transactions.”
He attributes their success also to the fact that Hundred Trees is a 999years leasehold project and The Interlace boasts an architecturally unique design.
Pending any unexpected developments or launches, Mr Ismail maintains his forecast last month that private property sales would average 1,000 per month, with about 4,000 transactions for the rest of the year.
For enquiries, please contact:
Mohamed Ismail (CEO) 9487 1414
Adam Tan (Corporate Communications Manager) 9006 8726