There was a 47% month-on-month jump recorded for the March 2010 monthly new sales volume, according to Jones Lang Lasalle (JLL). Some 1,761 units were sold in that month.

The property consultancy reported that the recent anti-speculation government measures, which include the introduction of Seller’s Stamp Duty (SSD) and lowering of the Loan-to-Value (LTV) limit to 80%, did not seem to have an impact on buying sentiments.

It added that the March sales volume which has recovered close to the level in August last year, suggests that the government policies introduced thus far may be losing steam as sentiments return on the back of improved economic conditions.

JLL stated that sales volume rose in all regions, led by the surge in launches in the Core Central Region (CCR). “In particular, 76 Shenton Way led the pack with 220 units launched that were eventually sold. Other significant launches include The Laurels (138 units), L’Viv (62 units), Nathan Suites (65 units), The Residences at W Singapore Sentosa Cove (56 units). Interestingly, the 785 units launched in the CCR were the highest since the series started in 2007. The total of 701 units sold has established a new record for the highest number of units sold in a month in the CCR,” commented JLL.

The consultancy said,” Absorption in the Outside Central Region (OCR) continued to be encouraging. Primo Residences and The Vision also experienced a good take-up rate of 98% and 80%, respectively.”

Dr Chua Yang Liang, Head of Research South East Asia, JLL, commented “This remarkable showing in 1Q10 has been backed by a stronger than expected economic performance. The residential market is likely to continue forging forward especially over the next few months as buyers race to lock in the lower bank rates ahead of the expected interest revision by 2H10. Developers are likely to continue to feed on this demand.”

He expects demand to pull back by 2H10 as the higher cost of financing sets in and as higher prices make Singapore residential properties less appealing to foreign buyers.

Dr Chua thinks that the overall total new home sales volume could close between 10,000 and 14,000 units by end 2010. He said this depends on the overall performance of the domestic and regional economies as well as on how aggressively the government will intervene in the market.