More than 1,000 private homes sold for the second month in a row in March
By
Joyce Teo, Property Correspondent
HDB upgraders were the hottest group of buyers. CBRE Research said that last month alone, they bought 550 to 600 units at mass market projects such as Caspian, Double Bay Residences, Kovan Residences, Livia, Mi Casa and The Quartz at median prices of $610 per sq ft (psf) to $740 psf. -- PHOTO: Desmond Foo
THE bumper private property sales recorded in February were no fluke.
For a second straight month, home hunters defied the weakening economy to buy more than 1,000 units last month.
Property consultants say buyers are attracted to what they regard as good buys in the moderately priced mass market.
Still, they warn that these strong buying levels are probably not sustainable.
Last month, property developers sold 1,220 new private homes, just shy of the 1,332 units sold in February.
It was the first time in over a year that the market has seen two consecutive months with more than 1,000 units sold. Sales for both months were a stunning contrast to the dismal 108 in January.
Another striking figure: First-quarter new private home sales hit 2,660 units, representing 62 per cent of all new homes sold during the whole of last year.
February sales - boosted mainly by two new launches Alexis and Caspian - were the highest since August 2007.
Figures compiled by the Urban Redevelopment Authority also showed 832 new housing units were launched last month, compared with 1,072 units in February and just 204 units in January.
Most units sold last month were in the mass market, along with a few city-fringe small-format apartments at condominiums such as Domus and The Mercury.
Read the full story in Thursday's edition of The Straits Times.
