The sales for new private homes remained strong for April. It was carried over from February and March 2009. According to developers, 1,207 units were sold for the current month, compared to 1,332 units in February and 1,220 units in March.
The sales for the period January to April accounted for 88 percent of the total sales in 2008. According to the Urban Renewal Authority (URA), there were an additional 1,083 new homes in April, better than the 832 units in the previous month.
Among the housing units, the suburban projects are the most saleable. In April, 523 units were sold, down from a high 840 in February and 559 units in March.
Projects with median prices of $1,150 psf to $1,700 psf remained the choice of buyers. This was pointed out by CBRE that sales of small units with an area of 320 sq feet to 720 sq feet were very successful
Some experts predict that due to Singapore’s recession, the property market might eventually slow down. According to Mr. David Neubronner of Credo Real Estate, high end developers may cut their prices in order for them to be able to sell their inventory amid the prevailing conditions. However, he remained optimistic that prices will remain at current levels for the next twelve months.
“The buying appetite is returning for new developments that are reasonably priced. For example, Verdure by Bukit Sembawang on Holland Road, with a median price of $1, 416 per square foot roughly translates to below $2 million for a home in Holland Road”, said Ms. Jacqueline Wong of Jones Lang La Salle.