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The Straits Times
Published on Jul 17, 2012
Mass market moving amid fall in private home sales

By Amanda Tan

SUBURBAN condominium launches dominated new private home sales last month although activity was down overall.

There were 1,111 new mass-market units moved out of 1,371 total sales, excluding executive condos, said the Urban Redevelopment Authority (URA) yesterday.

But last month's sales total was a 19.5 per cent drop from the 1,704 units sold in May ? a showing experts blamed on fewer launches and the June school holidays rather than weakened buying interest.

Last month's suburban sales were driven mainly by the launches of Tropika East in Eunos, Sea Esta in Pasir Ris and Punggol's River Isles.

The developers of these three condos moved more than half of the 920 units they released in total, noted Dr Chua Yang Liang, Jones Lang LaSalle's regional research head.

There were also sales at older launches like Flamingo Valley and Seahill.

The activity around the three new condos failed to offset the overall slump, leaving suburban sector sales 8 per cent below May's level.

High-end homes in the core central region posted second-best results, with 141 units moved and was the only region to record higher sales last month than in May.

This was due mainly to 1919 at Mount Sophia, which sold 74 out of 75 units at a median price of $2,042 per sq ft (psf).

City fringe flats fared the worst, with just 119 sold, well down from 362 in May.

The URA numbers overall tell a story of slow decline. The 1,704 new home sales in May was 32 per cent down on April's 2,497 units.

The last time sharply was in December after more cooling measures. Sales then plunged over 60 per cent to 632 from November's 1,702. But last month's showing did not surprise property consultants, who noted that just 1,303 units were launched, down 47 per cent from May.
Home sales down is not unexpected, the measure of success however is how much the Price will come down.