Private property continues to build up

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Private property sales in April 2009 reached 1,207 units, a mere 1% dip from March 2009’s 1,220 units sold, cementing signs that the property market here is improving. Despite the dip, this is still the highest number of units sold per month since August 2007.

Another sure sign of blossoming market confidence was that fact that about 333 units, or about 28% of all transactions, were priced between $1,000 and $1,999psf, up from only 176 or 14% last month.

“We are definitely seeing continued market confidence from February 2009,” states PropNex Corporate Communications Manager Adam Tan.

He highlights the fact that even the higher-end property market ($2,000psf or more), which registered one sale last month, picked up with three sales in April 2009 at Vida and The Arc at Draycott.

As in the last two months, a large portion of the units sold in April 2009 (about 45% or 544 units) came mainly from just a few new developments, six to be exact. Promisingly, two of these, Verdure and Illuminaire on Devonshire, registered median prices of above $1,000psf. The other four top-selling projects are The Arte, Mi Casa, Kovan Residences and Double Bay Residences. Despite this fact, Mr Tan feels that prices of projects will probably maintain their current levels.

“What we are seeing,” he explains, “are not just upgrading HDB dwellers capitalizing on the narrow gap between the mass market and private property price indices, but signs of life in the middle-market segment as well. I would say that the opportunities for HDB upgraders still very much exist. After all, three of the top-selling projects in April 2009 registered median prices of under $700psf.”

Mr Tan expects sales for May 2009 to remain strong, based on the recent stock market recovery, strong economical outlook and pending IR completion, with at least 1,000 units sold if not more.

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Private property continues to build up

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