Q4 is off to a good start if October’s figures for the property sector are anything to go by. Developers have sold more new private residential homes and executive condominiums (ECs) in October. A 7% increase from September to be exact.
More new private homes and ECs sold in October
969 new private homes and ECs were sold last month, with 242 more new units launched in October. That is more than thrice the 73 units launched in September.
October’s top-sellers were mostly in the city – Sophia Hills and Martin Modern private condominiums and iNz Residence executive condominium. Both Sophia Hills and Martin Modern are in the city centre region, which could point towards a revival of interest in high-end apartments.
At Sophia Hill and Martin Modern, 62 and 47 units were sold respectively, making it October’s top 2 sellers in the segment. Units at Sophia Hills went at a median price of $2,029 psf while at Martin Modern, prices averaged at $2,343 psf.
Largest pick-up in activity was in the City Centre Region (CCR)
While 44% of October’s sales were in the suburbs, the 143% increase in sales in the CCR showed real promise. Prices of private homes in the rest of central region (RCR) are expected to rise above the $1,700 psf mark, closing the gap between properties here and in the CCR. Prices of properties in the CCR is currently hovering between $2,000 psf and $2,300 psf.
The year-end festivities are coming up and though that might dampen sales slightly, buying is expected to carry on through to the next year. Property analysts expect this year’s new home sales by developers to reach a level between 11,000 and 12,000 units. That is 3,000 to 4,000 more units than the 7,972 sold last year.