Developers sell more private homes in February

A total of 977 units were sold.

There was a surge in the number of private homes sold in the past month, with buyers snapping up 977 units. According to PropNex, this was a huge leap from the 301 units sold last year and the 382 units sold in January.

"This shows a marked three-fold increase in the number of transaction year-on-year, reflecting the strong demand and pick-up in market sentiment for new launches and projects under construction," noted PropNex.

For PropNex CEO Ismail Gafoor, buyers are now ready to pick up units that are rightly priced. Consumers have come to terms that prices in the mass market condominiums have generally bottomed out.

With this, he expects strong sales numbers in the coming months, which could exceed 1,500 units this month. “We expect March to have strong sales exceeding 1,500 units with the launches of Grandeur Park Residence and INZ Residence, together with more units sold from the existing stock of the already launched projects,” said Gafoor.

Meanwhile, JLL noted that there were no fresh executive condominium (EC) launches in February. However, the previously launched Sol Acres released 100 units onto the market. During the month, developers sold 329 EC units, 78.8% higher than new EC sales in January, signifying a healthy start to the EC market this year.

Sol Acres topped new EC sales with 82 units taken up at a median price of $782 psf. Other EC projects that sold fairly well include The Terrace (40 units at a median price of $790 psf), The Visionaire (39 units at $814 psf), The Vales (37 units at a median price of $817 psf), and Parc Life (26 units at a median price of $783 psf).