New home sales in Singapore have
hit record highs as the countryââ¬â¢s property market continues to defy
expectations. Research from a
leading international property company found that low interest rates had resulted
in a large increase in new home sales in the first quarter of 2012.
Keep reading to learn more about
the booming Singapore new homes market.
Q1 sales of new property in Singapore exceed expectations
The data from Savills showed that
new home sales in Singapore in the first quarter of 2012 were higher than the
full year sales in 2000, 2003, 2004 and 2008. Including executive condominiums, 8,251 units were sold in
the first three months of this year.
Alan Cheong from Savills Research
said: ââ¬ÅUndaunted by new cooling measures and a gloomy economic outlook, primary
home sales rocketed to a record high of 6,682 units in quarter one, bearing
testimony to the strength of underlying demand from first timers and Housing
Development Board (HDB) upgraders.ââ¬Â
However, purchases from overseas
property buyers fell by 10 per cent from the previous quarter. This has been attributed to the effects
of Additional Buyers Stamp Duty which was implemented in December 2011.
Mass market projects drive new home sales
The sharp rise in new home sales
was driven by several mass market condominium projects which accounted for
around 85 per cent of the total sales.
New home sales in February rocketed to 3,142 units before falling back slightly
to 3,032 units in March.
Savills expects more developers to fast
track their new project launches in 2012 and 2013 to take advantage of the
current sales momentum. The international property consultants also expects
market interest for homes in prime areas of Singapore to pick up in the coming
months as the price gaps narrow between the central and outside central
regions.
However, Savills cautioned that the
performance of new home sales will depend on the number of new project launches
in future.
by Nick Marr
