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Big drop in March new home sales

Sales of new private homes in Singapore fell by about 34 percent month-on-month during March to reach 480 units, according to public data published today by the Urban Redevelopment Authority (URA).

Including executive condominiums (ECs), the number of units sold increased marginally to 535.

In February, the total number of private homes sold by developers, including ECs was 769 units. Looking at March 2013 when 3,072 units were sold, the year-on-year decline is a massive 83 percent.

The top-selling project last month was The Santorini which sold 76 apartments at a median price of $1,108 psf. This was followed by Eight Riversuites which moved 44 units at $1,109 psf and RiverTrees Residences where 35 homes were taken up at $1,129 psf.

The most expensive property sold in March based on median psf pricing came from Cluny Park Residence with one unit at $2,825 psf. Skysuites @ Anson was second with one unit sold at $2,817 psf, followed by Marina Bay Suites which moved one unit at $2,787 psf.

Sales of new private homes as well as the number of projects being launched has generally declined. Sales in December 2013 were at 333 units, which was a five-year low for the city-state.
























According to URA, prices as well as the number of units sold during the month are based on the Option to Purchase (OTP) issued by developers to buyers.

An OTP is a right or option given by the vendor to an intending purchaser to buy the property at a specified price within a specified period of time - the validity period of the option. The intending purchaser must pay a booking fee of between 5 – 10 percent of the agreed price for this right or option. The purchaser has to exercise the OTP within its validity period if he decides to buy the property.



Romesh Navaratnarajah
, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories email romesh@propertyguru.com.sg




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