Developers sold 638 new homes in May, 43% down from previous month

As there were no major new launches in May, the number of new private homes sold last month saw a 43% drop from the previous month.

Outside Central Region (OCR) accounted for the bulk of private home sales in May with 469 units sold (or 73.5per cent) with the balance attributed to Rest of Central Region – which sold 100 units (RCR) (or 15.6 per cent) and Core Central Region which sold 69 units (CCR) (or 10.8 per cent). Affordability remains a crucial factor for buyers who have been restricted by the cooling measures including the TDSR.

The buying power of the elite market, however, is also picking up force as the high-end segment has seen a double-digit growth in sale numbers in May. In fact, it was the highest number of CCR new homes sold since the last 5 months with total of 12 units sold at Marina One Residences at a median price of $2,391.

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