According to the latest figures from the Urban Redevelopment Authority (URA), February’s private residential units sales of 1,196 units saw a 19% dip from January’s sales, but still exceeded the 1,000 mark.

“Despite the considerable drop in number of sales, 1,196 is still an impressive figure,” said PropNex CEO Mohamed Ismail. “Not only is February the shortest calendar month, but the Lunar New Year traditionally marks a quieter period for property purchases.”

For the second month this year, despite the cooler property market at the end of 2009, the number of units sold exceeded the number of units launched, an indication that buyers’ demand for private residential properties is still strong.

However, he pointed out that only 638 properties, or 53.3% of the total sold, exceeded $1,000 psf. This contrasted with the 1,122 units sold in the same category in January, which accounted for 76%.

“The middle to high-end markets may have seen a decline in their figures, but there is still movement in those markets,” observed Ismail, referring to the 150 units sold at Altez and the 82 units sold at Waterscape At Cavenagh for median prices of $1,817 psf and $1,877 psf respectively.

He maintained that this trend of a sizeable number of properties sold above $1,000 psf will continue over the next few months, especially as the median prices for the mass market properties are also likely to breach the $1,000 psf mark. This was evidenced by the fact that 99-year leasehold project The Vision saw all 100 units launched during its Phase 1 sale snapped up at $1,000–$1,200 psf.