Prior to MND’s implementation of the latest property measures in August 30, the URA saw the highest percentage of private homes sold in the $1,000psf or more level.
Developers had sold 1,248 units in August, down 19.2 percent from 1,544 units sold in July. About 88.2 percent of the total units sold last month recorded a median psf price of more than $1,000.
“This is the highest percentage that we’ve seen for years,” said Mr. Adam Tan, corporate communications manager at PropNex. “While the dip in the volume of sales can be attributed to the typically quieter ‘ghost month’, the figures reveal that buying power and prices were escalating even further.”
Meanwhile, 86.8 percent of the total private home units sold in July saw a median psf price of above the $1,000 psf level. It was the only other month since 2007 that saw more than 80 percent of the total units sold for about $1,000 psf.
The Greenwich was the top seller in August to saw a psf price of more than $1,000, after it sold 207 units at $1,095 psf, followed by Viva Vista where it sold 139 units at a median price of $1,509 psf. The Scala also sold 74 units at $1,138psf and 62 units were sold at Centra Suites at $1,201psf.
“The only exception was Waterfront Gold which sold 65 units at a median price of $990 psf, which is already very close to hitting the $1,000 psf mark,” said Mr. Tan.
Overall, the five projects accounted for 44 percent of the total sales in August.
“Consumers were obviously still willing to purchase properties that were reasonably priced,” said Mr. Tan, citing that the top-selling projects exceeded the $1,500 psf level.
“With a continually strengthening economy, the threshold for the PSF price that buyers are willing to pay is slightly higher, hence the increased activity within the $1,000–$1,500 psf market.”
As the year begins to wind down, September is expected to see slower sales compared to August. The cooling measures recently introduced and the “wait-and-see” of many buyers in the mass market segment will also reduce the total number of units normally sold.
“Despite many developers holding their prices, over 350 units have already been sold in the first half of September,” said Mr. Tan, noting that 250 units came from NV Residences alone.
Mr. Tan is expecting that around 700 units to 850 units will be sold in September, with approximately 500 units to 800 units sold per month in the fourth quarter of this year.