Private property transactions in Singapore rose in May to 1,688, which is close to the all-time record of 1,731 that was reached in August, 2007. The Urban Redevelopment Authority (URA) data is an encouraging sign that the property market in Singapore is already on the rebound.
Analysts note that the rise in sales is due to several factors, including gains in the stock market as well as developers who are offering very attractive prices and deals. “The stock market rally which began in mid-March has resulted in positive sentiment that has driven private residential home sales,” says Li Hiaw Ho, executive director of CBRE Research.
In another analysis, Jones Lang LaSalle notes that buying sentiment rose by 38 percent in May from the previous month. “Buying sentiments also improved tremendously from a year ago in May where sales were only 453 units, or approximately one third of the May 2009 sales. At the same time, most of the sales take-up has been from projects already launched in the developer’s inventories,” says Desmond Sim, Jones Lang LaSalle´s associate director of research.
Approximately 37 percent of the sales were in the core central region, or CCR. The median prices for the CCR range from Singapre$1,150 per square foot to $1,650 per square foot
