New home take-up dropped to 3,200-3,400 for the year

The result is 20-25 percent lower than the 4,241 units sold in Q4 of 2010  

According to CB Richard Ellis, as 2010 signed off with a considerable y-o-y increase of 17.6% in home prices and a record take- up of 16,292 new homes, the government introduced fresh property measures in January 2011 to arrest speculative purchases and foster financial prudence.

The projects that were able to attract buyers in Q1 2011 were those at locations which are earm arked as future growth areas as well as those that are near existing or future MRT stations. Small- format units continued to be also popular among homebuyer, while activity in the high-end market was subdued as players wait for the right opportunity to go in.

Mr Joseph Tan, Executive Director, Residential, CB Richard Ellis said, “moving on to the second quarter, some of the new launches to be expected are Hed ges Park at Flora Drive, The Boutiq at Killiney Road, a condominium at Up per Thom son Road and Phase 5 of Luxus Hills landed project. Assuming a stable economy and that the market moves at the same pace as the first quarter, new home sales volume will be around 3,000- 3,500 units in Q2 2011 with no significant fluctuations in home prices".