RESIDENTIAL PROPERTY | Staff Reporter, Singapore

Check out the priciest unit sold at S$4,289 psf

Some eyebrows will be raised.

According to PropertyGuru, developers launched 2,410 new private homes in October, 9% lower than total sales in the month.

Here's more from PropertyGuru:

They were probably being cautious following the latest cooling measures placing restrictions on home loan tenures for residential property purchases in Singapore.

Nevertheless, 2,624 new homes including executive condominiums (ECs), were sold in the month. Excluding ECs, 1,948 homes were sold last month, 26% down from the 2,621 in September, but 40% up from a year ago when 1,392 units were sold.

Overall, new home sales in the first 10 months of 2012 stands at 22,723 units, 18% more than the 19,306 for the whole of last year.

Home sales volume in the Outside Central Region (OCR) was recorded at 2,158 units and five projects in the region sold more than 100 houses that constituted close to 50% of the total sales volume in the month.

Nine units were sold in the month at a psf price of more than S$3,000. The costliest unit was recorded at S$4,289 psf for the District 10 project Sage. Another unit from The Ritz-Carlton Residences in Cairnhill was sold at S$4,128 psf.

The most affordable unit last month came from Waterbay at S$538 psf. 162 units were left unsold out of the 383 units in the project. Sited close to Punggol and Sengkang MRT stations, this recently launched EC development is set to be completed in 2016.

Prices range from S$560,000 for a two-bedroom unit to S$1.04 million for a five-bedder.

Over in the Core Central Region (CCR), 144 units were sold in the month. V On Shenton was the most popular project in the region and sold 33 units at a median price of S$2,263 psf.

The most affordable unit in the CCR came from Leedon Residence, which was sold at S$1,413 psf. Sales in the Rest of Central Region (RCR) reached 322 units, strongly supported by Sky Green. The project sold 145 units at a median price of S$1,516 psf.

As the festive season approaches, new home launches as well as sales are expected to slow down for the remainder of 2012. The latest government measures might also affect home sales.

Some buyers may postpone their purchasing decision as they adopt a wait-and-see approach as to how the measures will affect them. Nevertheless, keeping in mind the current strong buying momentum and other demand drivers, private home sales are expected to break all previous records by the end of the year. 

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