Artist’s impression of Gem Residences in Toa Payoh.
New private home sales, excluding executive condominiums (ECs), rose by 41 percent month-on-month in May to a ten-month high of 1,056 units, helped by the launches of Gem Residences and Stars of Kovan, as well as broad-based pickup, revealed a Credit Suisse report citing data from the Urban Redevelopment Authority (URA).
Year-on-year, developer sales surged by 64 percent from the 638 units sold in May 2015.
However, sales of new ECs plunged by 39 percent month-on-month to 332 units in May, due to the lack of new EC launches, said Credit Suisse.
The report stated that the launch of Sim Lian’s Treasure Crest EC may be delayed after sales at Parc Life EC in Sembawang were muted, with only 71 of the 628 units sold to date.
Meanwhile, the five top-selling projects last month were Gem Residences, Stars of Kovan, The Poiz Residences, Bellewaters EC and The Vales EC.
1. Gem Residences (RCR)
Developers: Gamuda Land, Evia Real Estate and Maxdin
Tenure: 99-year leasehold
Location: Toa Payoh (D12)
Nearest MRT station: Braddell MRT
Median price: $1,431 psf
Total no. of units: 578
Sales update: 312 units sold in May
2. Stars of Kovan (OCR)
Developer: Cheung Kong Property
Tenure: 99-year leasehold
Location: Upper Serangoon Road (D19)
Nearest MRT station: Kovan MRT
Median price: $1,414 psf
Total no. of units: 395
Sales update: 76 units sold in May
3. The Poiz Residences (RCR)
Developer: MCC Land
Tenure: 99-year leasehold
Location: Potong Pasir (D13)
Nearest MRT station: Potong Pasir MRT
Median price: $1,411 psf
Total no. of units: 731
Sales update: 47 units sold in May
4. Bellewaters EC (OCR)
Developer: Qingjian Realty
Tenure: 99-year leasehold
Location: Anchorvale Crescent (D19)
Nearest MRT station: Sengkang MRT
Median price: $796 psf
Total no. of units: 651
Sales update: 40 units sold in May
5. The Vales EC (OCR)
Developer: SingHaiyi Group and Kay Lim Investment
Tenure: 99-year leasehold
Location: Sengkang (D19)
Nearest MRT station: Sengkang MRT
Median price: $788 psf
Total no. of units: 517
Sales update: 38 units sold in May
Romesh Navaratnarajah, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
