More new homes sold in May

1,056 new homes were sold last month, the highest in the past 10 months and up 41.2 per cent from April.

StarsOfKovanSales were boosted mainly by 2 major property launchesGem Residences in Toa Payoh and Stars of Kovan in Upper Serangoon. The former moved 312 units at a $1,431 psf median while 76 units with an average price of $1,414 oaf were sold at the latter. The comparable selling prices could be indicative of buyers’ sweet. Factors which may affect figures in the next quarter could be the cutback on sales of government land sites and the lack of new launches.

Other properties which also fared well in the last month were Poiz Residences, Sturdee Residences and Botanique at Bartley. Location was definitely key, in particular units situated near MRT stations. Properties in the city fringe proved their mettle, selling 582 units while 414 suburban homes were sold and just 60 in the core central region.

But analysts are keeping their smiles on about property market’s recent movements though the second half of the year will need to have a strong economic showing to keep the momentum going. Interest rates if kept low, will also help to keep the ball rolling.