Sales of new private Singapore homes spike in May

Potential buyers at the Gem Residences showflat in Toa Payoh in 2015.
Potential buyers at the Gem Residences showflat in Toa Payoh in 2015.PHOTO: ST FILE

SINGAPORE -Sales of new private homes in May rose sharply on the back of healthy demand for projects launched during the month.

Developers sold 1,056 units last month, compared with the 745 units moved in April, data from the Urban Redevelopment Authority (URA) showed on Wednesday.

The top-selling private residential projects last month were new launches: Gem Residences in Toa Payoh which sold 312 units, and Stars of Kovan in Upper Serangoon Road with 76 units changing hands.

New homes on the city-fringe accounted for more than half of the sales at 582 units, while 414 new homes in the suburbs were sold, followed by 60 units in the core central region.

Including executive condomiums (ECs), developers sold 1,388 new units last month, up from the 1,291 units in April.

During the month, developers launched a total of 1,345 units for sale. No Ecs were launched in May.