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Catching the market on its upswing

Catching the market on its upswing

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SINGAPORE: A total of 1,108 private home units - excluding executive condominiums (ECs) - were sold last month on the back of more project launches, according to the latest figures from the Urban Redevelopment Authority (URA) on Tuesday. The figure is a 35.1 per cent increase from the 820 units sold in June, which saw stronger-than-expected sales despite it being the school holiday period.

Including ECs, property developers sold 2,086 units in July, almost double of June's 1,064 units. Upcoming executive condo launches include Anchorvale Lane EC, Rivercove Residences while existing ones include Parc Life EC, Signature at Yishun,  Brownstone EC, Visionaire EC, Inz Residence EC, The Criterion EC and Northwave EC, The Terrace EC,  The Vales EC, Hundred Palms Residences EC, Sol Acres EC and The Bellewoods EC.  RRivercove Residences EC floor plans and Rivercove EC details will be available shortly.

Of the sites launched, Hundred Palms Residences - an EC in Yio Chu Kang - showed the strongest sales by selling all 531 units it launched in the same month. This was followed by Martin Modern in Martin Place, which sold 109 units, and The Santorini in Tampines, which sold 82 units.

Including ECs, developers launched 1,223 units in the last month, compared with just 159 units in June.

Private home sales - excluding ECs - have increased by 50 per cent in the first seven months of the year compared with the same period in 2016, according to ERA key executive officer Eugene Lim.

"The strong buying interest observed in the first half of 2017 is clearly keeping its momentum into the second half of the year," he said.

Mr Lim added that buyers are expecting the property market to recover in 2018, and are choosing to make their purchases now "in hopes of catching the market on its upswing".

The upward trend in land prices in recent months could also be a contributing factor. "Many buyers are deciding to commit to a purchase now rather than later, as prices for these projects from recent land sales are likely to be priced higher when they are launched next year," Mr Lim explained.

ERA noted that developers are starting to launch their projects in phases to capitalise on this wave of buying demand. These include Park Place Residences at PLQ, Martin Modern and Le Quest at Bukit Batok.

"We are expecting total developer sales to be in the range of 10,000 to 12,000 units and EC sales of 3,500 to 4,000 units for 2017," Mr Lim added.

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