Real estate adviser DTZ stated that this year’s private homes sales in Singapore are expected to exceed 2007’s record of 14,811 home units sold.
The property consultancy firm said in a report that a "frenzied" activity level was seen in the property market in Q3 of 2009. The said market craze led to a record-setting figure of 2,700 housing units sold in July.
DTZ is estimating that the quarterly high of 5,129 homes sold set in Q2 of 2007 will be exceeded by this year’s Q3 home sale totals due to the strong momentum.
The property adviser also said that the average prices of private homes continued their uptrend in Q3 of 2009.
Furthermore, DTZ stated that rental values stabilised in this quarter after a decline that spanned four straight quarters.
DTZ also forecasted that the volume of sales in the private homes market for the remainder of 2009 will likely ease because of fewer developments in the pipeline.
The government’s measures intended to cool the property market, like the scrapping of the interest absorption scheme or IAS might also tone down sales.
Meanwhile, a representative for Wee Hur Holdings Limited (Public, SIN:E3B) said that the company intends to purchase a 70 percent stake in the Villas@Gilstead project.
Wee Hur Holdings, a Singapore-based firm that mainly offers building construction, contractor and management contractor services, said that the proposed S$9 million acquisition is part of its business growth strategy as it intends to branch out into the property development market.
Villas@Gilstead is a Freehold Cluster Housing project located at Gilstead Road, near MRT’s Novena Station. This strata residential project comprises 10 semi-detached housing units, 6 terrace housing units and 2 bungalow units. Its developer is Villas@Gilstead Private Limited, a joint business venture between WM Development Private Limited and Chesney Property Development Private Limited.
Around 50 percent of the units have been sold and the project is expected to acquire its Temporary Occupation Permit or TOP some time in Q3 of 2011.