New home sales up in May, buoyed by demand for suburban units

HOME buyers bought 1,455 new homes directly from property developers in May, 5.4 per cent more than they did in April.

About half of the units sold, or 728 homes, were located in the suburban areas, according to data released by the Urban Redevelopment Authority (URA) on Monday.

Another 602 units sold in May were in city-fringe areas, while only 125 homes were situated in prime locations.

The best-selling project in May was Stratum in Elias Road in suburban Pasir Ris, with 269 units sold at an average price of $925 per sq ft (psf).

Other popular developments included Corals at Keppel Bay, with 132 units sold at an average of $2,150 psf, and KAP Residences at King Albert Park in Bukit Timah, with 105 units sold at $1,839 psf. Both are considered to be in city-fringe locations.

Including executive condominiums, a total of 1,912 new homes were sold in May, a 23.2 per cent jump from the 1,552 sold in April, URA figures showed.

This was largely due to sales at Twin Fountains in Woodlands, where home buyers picked up 316 units in May at an average price of $741 psf.