A total of 2,793 private homes were sold last month, a figure which is nearly 4 times the 712 units sold in February. March 2013 marked the highest monthly new sales volume since the Urban Redevelopment Authority (URA) began publishing developers’ monthly sales data in June 2007. The last time the figure came close to this was in July 2009 where developers moved 2,772 units.
Experts deduced that the record figure was attributed to pent-up demand that arose from developers holding back launches in February that saw the aftermath of January’s cooling measures and the Chinese New Year festive period. The developers released a record 3,489 private homes last month, up from just 261 in February. A whopping 17 residential projects were launched and almost three-quarters of March’s new sales were from new launches that month.
Buyers were mostly attracted to locations near MRT stations such as D’Nest, Bartley Ridge, Urban Vista and Sennett Residence. The top seller was D’Nest in Pasir Ris where 699 units were sold at a median price of $963 psf out of 800 units launched.
Most analysts expect developers’ sales to moderate over the next few months after they hit a record 2,793 units in March. Developers are expected to sell about 1,500 to 2,000 units monthly on average and a similar surge in new sales is unlikely to happen again as the pent-up demand would have been satisfied by the bumper crop of new launches in March.
Overall, 5,533 private homes excluding executive condominiums (ECs) were sold in the first quarter of 2013, which was about 20% higher in the 4th quarter of last year.