Despite the global economic recession, sales of private homes by property developers held up, while the secondary market became remarkably sluggish.
This could be attributed to the slowdown of investment demand and January’s tightening measures hitting speculative activity.
Excluding executive condos, about 9,194 caveats were lodged for resales of private homes from January 2011 to July 2011, a decrease of 21.1 percent from the comparable period in 2010, according to analysis by Credo Real Estate.
Sub-sale caveats fell 24.2 percent to 1,601 year-on-year.
In the primary market, the number of caveats lodged for units sold by developers declined 9.5 percent to 7,324.
Of late, sales in the primary market have been boosted by competitive pricing, while sub-sales have been affected by the cooling measures announced in January.
Additionally, several market watchers expect August private homes sales to be close to the 1,386 private homes (excluding executive condos) sold in July.
This is primarily attributed to the strong sales achieved from new projects launched in August, which include euHabit in Jalan Eunos (426 units sold), Boathouse Residences in Upper Serangoon (202 units sold), and The Luxurie in Sengkang.
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