Condo sales jump 18%, driven by city-centre buys

TOP SELLER: Marina One Residences saw 334 of its 1,042 units snapped up after an early-bird discount was announced.


    Nov 18, 2014

    Condo sales jump 18%, driven by city-centre buys

    HOME buyers picked up 765 private condominium units last month, as developers rolled out new property launches and discounts at older developments.

    This was an 18 per cent jump over September's 648 units, data from the Urban Redevelopment Authority showed yesterday.

    But compared to the same month a year ago, last month's sales fell 30.7 per cent.

    The estimates came on the heels of a dismal quarter of sales for the three months to Sept 30, during which developers shifted just 1,596 condo units - the lowest quarterly figure since just 419 units were sold in the fourth quarter of 2008.

    Rules that restrict the size of a mortgage - implemented in June last year - have weighed on buying sentiments, causing the market to be a pale shadow of itself compared to just 18 months ago, when quarterly sales averaged about 5,000 units.

    Buying in the city-centre areas underpinned last month's performance, with half the units sold in the central region.

    Projects in the suburbs moved 261 units, accounting for 34 per cent of all homes sold, while developers sold 123 units - the remaining 16 per cent - in city-fringe areas.

    The top seller was the massive integrated development in the Marina Bay precinct, Marina One Residences, where 334 of its 1,042 units were snapped up at a median price of $2,228 per sq ft (psf) after developer M+S announced that early buyers would be given a 10 per cent discount, bringing prices down to between $1,960 and $3,100 psf.

    Older projects that were launched earlier this year drew buyers as well. City Development's Coco Palms in Pasir Ris came in second with 34 units sold at a median price of $1,039 psf, bringing the total sales tally at the 944-unit condo to 725 units.

    Including executive condos, which are a hybrid of public and private housing, 855 units were sold last month - a 21 per cent rise from September's figure.