Price cuts fuel private home sales
SALES of private homes by developers nearly doubled last month from April as the developers slashed prices to move units at existing launches and priced their new launches attractively.
A total of 1,528 private residential units were sold last month, up 92 per cent from 797 units in April. Excluding executive condominiums, developers sold 1,470 units, up from 749 units in April.
The preliminary data from the Urban Redevelopment Authority shows that the bulk of the launches was in the Outside Central Region (OCR) where there were 973 units launched, of which 97 per cent were taken up.
This is followed by the Rest of Central Region (RCR), where there were 692 units launched, of which 494 units were snapped up.
The Panorama in Ang Mo Kio saw 100 units moved last month at a median price of $1,241 per square foot (psf) after its developer, Wheelock Properties, cut prices by some 10 per cent.
City Developments' newly launched condo at Pasir Ris, Coco Palms, registered sales of 590 units last month at a median price of $1,018 psf.
THE BUSINESS TIMES