New private home sales surge 96% in May

SINGAPORE — The private residential property market sprang to life in May after months of remaining in the doldrums, with developers’ sales surging 96 per cent as buyers snapped up units at the slew of new launches last month.

Developers sold 1,470 new private homes last month, nearly doubling the 749 units that they moved in April, latest data by the Urban Redevelopment Authority (URA) showed today (June 16).

The improved sales volume came as developers launched 1,790 new units into the market in May, nearly three times more than the 600 homes recorded in the previous month.

Two projects by City Developments Ltd (CDL) topped the best-selling list for the month. Coco Palms at Pasir Ris Grove moved 590 of the 600 condominium units launched at a median price of S$1,018 per square foot (psf), while Commonwealth Towers at Commonwealth Avenue sold 275 of 400 homes at S$1,626 psf.

Besides the successes of new launches, May also saw another re-launch that did well: Wheelock Properties’ The Panorama at Ang Mo Kio sold 100 of the 126 units offered last month at a median of S$1,241 psf.