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Property prices in Singapore have cooled significantly, with 1,078 new private home units sold in May. This is 50 percent lower than the figure in April.
The Minton project in Hougang was the star performer in the mass market in May, with 204 units sold at an average price of S$849 psf.
Projects in the city-fringe area like The Cascadia and Casa Aerata in Geylang were also among the top sellers, with more than 70 units sold each.
About 52 units were also fetched at The Waterbank at Dakota off Old Airport Road, with a median price of S$1,092 psf.
Property services firm Jones Lang LaSalle said the top-selling projects were popular due to their good pricing and locations, as well as their proximity to MRT stations.
"Most of the buyers are looking at the (potential) rental income, lease income in the future. The mass-market area will remain the key market that developers will continue to look at. Again, those projects that are near train stations are likely to be the market movers over the next few months," said Dr. Chua Yang Liang, JLL’s head of research for Southeast Asia.
Data released by the URA showed a decline in transactions across all segments.
Units situated in the city-fringe area were the most popular in May, with 451 units sold. But this number is low compared with April’s figure of 1,044 transactions.
New home sales in the city dropped to 179 units in May, from 393 units in April, while home sales in suburban areas declined to 448 units from last month’s 771 units.
Developers released a total of 1,134 units for sale in May. Overall, 7,666 new units have been sold in the first five months of 2010. Analysts said the on-month figures in May should be seen in context.
"There were a few issues that plagued the market in the month of May...(Firstly), concerns over Europe. (Secondly), the ** released information about their second-half land sales programme, which brought about quite a bit of concerns about potential oversupply in suburban market,” said Karamjit Singh, managing director of Credo Real Estate.
"Thirdly, developers also did contract the supply of their projects that they launched in the market and to a smaller extent, it's also got to do with the exams fever or atmosphere in the households, which is why generally buyers do...hold back in the month of May."
Many observers expect that the number of units to be sold this month will drop to about 25 percent due to concern about the current economic conditions, and many homebuyers might be staying home to watch the World Cup. |
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