Plunge in sales of new private homes

Sales of new private homes plummeted last month, after a surge in May.

Developers sold only 482 units in June, down 68 per cent from the 1,488 new homes they sold the previous month, the Urban Redevelopment Authority said yesterday.

Mass-market developments continued to lead the sales, with 269 units sold in the suburban areas.

City-fringe projects sold 167 new homes, while just 46 units were sold in the city centre.

The top selling project was City Developments' Coco Palms, with 55 units sold at a median price of $1,014 per sq ft (psf).

Wheelock Properties' The Panorama in Ang Mo Kio was next, selling 49 units at a median price of $1,287 psf.

"The June school holidays and World Cup fever kept people away from the show flats. Developers are aware of this so they delayed some of their major project launches for the third quarter," Reuters quoted Mr Nicholas Mak, director at SLP International Property Consultants, as saying. "Compared with June there will be an improvement in the next quarter, although it's going to be measured."

This article was first published on July 16, 2014.
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