New private condominiums that is. The resale private condominium market may have a strong competitor in new private condominiums as prices in this sector become more competitive with developers offering various discounts and incentive payment schemes.
Indicative of the heightened activity in the new condominium sector was the 8.8 per cent rise in transactions last month, from the 468 units in August to the 5o9 units in September. And this was in spite of the lack of major launches. In fact, property analysts are expecting a further 8 to 10 per cent rise in the number of new condo units sold this year. There were 7,440 new residential units sold last year.
The highest sales number of 297 units sold last month came from properties in the city fringe, followed by 144 units in the suburbs and 68 units in the core central region. Some of the best-selling projects were Lake Grande, The Trilinq and Kingsford Waterbay.
It seems, buyers are finally coming to terms with the stabilising of property prices, almost three years after the first property cooling measure was rolled out. They may have relinquished further expectations of price declines and are picking off deals whenever they come up in the market.
There will be 2 major launches next month – Parc Riviera and Queens Peak and new homes sales are expected to cross the 1,000 units per month mark in the next 2 months.
