Battered home sales take a breather
HOME seekers bought 565 new private homes last month, largely thanks to the sell-out launch of The Hillford in Jalan Jurong Kechil.
Buying in the city fringe led the increase in sales, with 363 units moved. This was buoyed by The Hillford's launch, when a total of 281 units were snapped up on the first day of sales, with a median price of $1,105 per sq ft (psf).
The 60-year leasehold project, billed as Singapore's first retirement resort, is being developed by World Class Land.
In the suburbs, 162 units were sold, while 40 units situated in the city centre also moved.
The Panorama in Ang Mo Kio sold 58 units at a median price of $1,343 psf last month.
Wheelock Properties (Singapore) had released 120 of the 99-year leasehold project's 698 units.
Last month's figure was well up from the 259 new sales registered in December, according to data released by the Urban Redevelopment Authority yesterday.
But it is still a far cry from the 2,028 private residences moved in January last year.
Mr Mohamed Ismail, CEO of PropNex Realty, said that home buyers are now more selective.
"The total debt service ratio framework has eroded greatly a buyer or investor's purchasing power. Moving forward, only those projects that are well-priced and strategically located could entice the buyer to make a commitment," he said.
Slower sales in new projects could have led developers to price their projects more sensitively to reflect market sentiments, he added.
He predicted that about 11,000 to 12,000 new homes would be sold by developers this year, given the healthy land sales for residential property last year.
Including executive condominiums, which are a public-private housing hybrid, developers moved 610 homes last month, up 83 per cent from 333 homes in December, but much lower than the 2,284 units sold in January last year.