SINGAPORE - Developers sold 1,701 private homes last month, up 22.3 per cent from October's 1,391 units, Urban Redevelopment Authority (URA) data showed yesterday in what analysts said was likely the last burst of exuberance in the private residential market for a while.

Suburban homes continued to dominate in November, with CapitaLand's Bedok Residences and City Developments' The Palette in Pasir Ris making up 63.6 per cent of homes sold in the Outside Central Region.

Most analysts warn that the surge in buying would not be sustainable, with demand to be hurt by the latest cooling measures that include targeting foreigners with an additional buyer's stamp duty of 10 per cent.

"All the accumulated effects of all the cooling measures that the Government has announced in the last two years will also accelerate the rate of price decline," said Mr Nicholas Mak, research head at SLP International.

"Going forward into next year, there is a possibility that property prices could soften between 10 and 15 per cent, depending on the severity of the economic situation," he said.

While this month will likely see a sharp fall in the number of transactions because of the year-end lull and the latest measures, Mr Ku Swee Yong, chief executive of International Property Advisor said: "Mass market properties would still move. So I think we would see at least 1,000 units from developer sales coming in."

Of the 1,701 new private homes sold last month, 1,328 were located in the Outside Central Region, 291 in the Rest of Central and only 82 in the Core Central Region.

Also yesterday, the Housing and Development Board said the tender for a 99-year leasehold private condominium site at Punggol Central/Punggol Place attracted 13 bids, with the top bid of S$206.2 million or S$354 per sq ft per plot ratio coming from Wee Hur Development. The site has an area of about 194,000 sq ft and a gross plot ratio of 3. With agency reports