New private property sales rise but demand still muted
SINGAPORE — Sales of new private residential properties increased in February but demand continued to be generally muted as real estate companies held back from bringing new developments to the market.
A view of condominiums in Tanjong Rhu and HDB flats in the distance on July 30, 2011. Photo: Ernest Chua
SINGAPORE — Sales of new private residential properties increased in February but demand continued to be generally muted as real estate companies held back from bringing new developments to the market.
Excluding executive condominiums, 724 new private homes were sold last month, according to a statement from the Urban Redevelopment Authority (URA) released today (March 17).
While that was an increase from the 565 units sold in January and the 259 in December, the numbers indicate that buyers are continuing to adopt a highly selective approach in a property market which has been hit by a series of cooling measures.
There was also a slight increase in the number of units launched, with 671 brought to the market, up from 549 in January.
The two major launches were both located at Fernvale Close in Sengkang: Rivertrees Residences saw 218 units sold out of the 300 that were launched, while Riverbank @ Fernvale saw buyers snapping up 211 units out of the 250 on offer.
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