Private property sales for June record new high

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A new record has been set for private property residential sales, cementing what looks to be a new peak period for private property transactions.

With 1,825 transactions for June 2009 topping the previous peak of 1,731 for August 2007, this is the fifth straight month that the number of transactions have exceeded 1,000 per month.

The last three months’ transactions alone actually exceed the total number of transactions for 2008, while the last four months’ total surpass the entire second half of 2007, which was also a peak period.

“These encouraging figures are a sign of greater consumer and market confidence,” declares PropNex CEO Mohamed Ismail. “Especially in the middle-tier,” he continues, referring to the $1,000–$1,999psf bracket which saw 724 transactions for June, or 39.7% of the total number of transactions for the month.

This recovery in the mid-tier Singapore property market is also supported by the fact that one of the two most transacted properties in June, One Devonshire, saw 146 units transacting at a median price of $1,771psf. The most transacted property was 8@Woodleigh, which saw 330 units going for a median price of $804psf, reminding us of the still very strong lower-range market.

Given the strong rally, Mr Ismail expects to see the next three months record about 5,000 transactions in total. “It looks like we may be seeing a very good year,” he ends.

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Private property sales for June record new high

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