Private condo sales fall 48% as EC demand soars
CHEAPER executive condominiums (ECs) outsold private condo units by more than two to one last month, figures from the Urban Redevelopment Authority showed yesterday.
Developers sold 412 private condo units last month, 48 per cent fewer than the revised 785 units sold in October and the lowest since December last year, when 259 units were taken up.
This was despite an increase in the number of units launched - 859 units compared with the 676 units launched in October.
However, sales of ECs rose sharply last month, with 855 units sold out of 1,758 ECs launched - thanks to the 546-unit Lake Life project in Jurong, which racked up record sales on the first weekend of its launch.
Its developer, Evia Real Estate, sold 521 of the units at its Nov 8 launch, a record for the most first-day sales for both ECs and private condominiums since mortgage rules were tightened in June last year.
ECs are a special hybrid of housing built by private developers but sold with restrictions imposed by the Housing Board.
The number of new private homes sold fell 68 per cent when compared with the 1,271 units sold in November last year.
Buyers also avoided more expensive homes in the prime central area, with only 79 units sold in the city centre, which saw 494 new units launched.
Take-up was much better in the suburbs, with 186 units sold, and in the city-fringe areas, with 147 units booked.