CB Richard Ellis (CBRE) estimated that some 4,000 new homes were sold in the second quarter of the year. This compares with the 4,380 units sold in the first quarter.

Together, this adds up to around 8,300 new homes sold in the first half of the year – more than half of the 14,688 new homes sold in 2009.

CBRE attributed the recent slowdown of new home sales to the current European debt crisis, which caused volatility in the global stock markets.

“The projects that sold well in the second quarter were mostly in the low-to mid-tier price range. For example, Tree House condominium in Chestnut Avenue sold around 420 of its 429 units at the median price of $830 psf and The Minton in Hougang Street 11 reported over 350 units sold out of its 1,145 units, at $865 psf. In the mid-tier price range, Waterbank at Dakota Crescent sold all but one of its 616 units at $1,150 psf while The Interlace at Alexandra Road sold another 200 units at $1,050 psf. Landed homes perceived as a value-for-money product because of the large living space they offer also sold well. All 48 terrace house in Luxus Hills Phase 3 were sold as well as all but one in the 24-unit Pavilion Park Phase 2E. These landed homes were priced between $1.8 million and $2.2 million each,” commented CBRE in its latest report.

The research consultancy noted that “sales of new up-market homes moved at a slower pace in the second quarter as foreign investors held back their purchases due to the weakening of some foreign currencies against the Singapore dollar.”

Joseph Tan, Executive Director, Residential, CBRE said “The Singapore economy seems on-track to achieve its forecast growth of 7.0 per cent to 9.0 per cent for 2010 because of a strong boom in manufacturing and exports. New launches in Q3 2010 may include Waterfront Gold at Bedok Reservoir and The Scala at Serangoon Avenue 3, The Waterline at Poh Huat Road West and the project on the site of former Concorde Residences among others. While the volume of new homes sold in the third quarter may be reduced to around 2,000 units, home prices are likely to remain firm.”