New home sales in Singapore nearly double in May from April

Potential buyers at the launch of the Coco Palms condominium at Pasir Ris on May 17, 2014. -- PHOTO: CITY DEVELOPMENTS LIMITED
Potential buyers at the launch of the Coco Palms condominium at Pasir Ris on May 17, 2014. -- PHOTO: CITY DEVELOPMENTS LIMITED

SINGAPORE - Home seekers continued to sweep up new private homes last month, nearly doubling their purchases from April.

Developers sold 1,470 units in May, up a whopping 97.3 per cent from 745 units in April, which was itself a five-month high, according to Urban Redevelopment Authority (URA) figures released on Monday.

May's sales marked the highest demand for new homes since June last year, when 1,806 units were sold.

Mass-market units in the suburbs led demand in May, with 944 new homes sold. This accounted for more than half of all new homes sold in the month.

Another 494 units were sold at city-fringe projects, while sales in the city centre remained weak with just 32 new homes shifted.

May's top seller was City Developments' (CDL) Coco Palms in Pasir Ris Drive 1, with 590 units sold at a median price of $1,018 per sq ft (psf), URA data showed.

CDL's Commonwealth Towers in Commonwealth Avenue came in second, with 275 units sold at a median price of $1,626 psf.

Wheelock Properties' The Panorama in Ang Mo Kio was next, selling 100 units at a median price of $1,241 psf.

Including executive condominiums, a total of 1,528 units were sold, a 92.7 per cent jump from the 793 sold in April.