Here's why you can't buy a home with just $1,000psf

Launches below this amount are becoming rare.

According to Knight Frank, mass market home sales have hit a new record high in September 2012 as developers released more units following the Hungry Ghost Month.

Here's more from Knight Frank:

Although home buyers are less affected by the superstitious practices, developers are still cautious and did not have major launches during the Hungry Ghost Month and channelled attractive launches to September.

Developers’ sales in the first three quarters recorded 17,913 units, surpassing the previous record in 2010 (16,292 units sold for the entire year).

Launches below $1,000 psf are becoming rare. Prices of new mass market homes launched in September 2012 are mostly above $1,200 psf, reflecting increased prices in OCR. This is in line with URA’s flash estimates where prices of private residential properties in OCR increased 1.0 per cent q-o-q in 3Q 2012.

New private home launches with prices below $1,000 psf are becoming rare nowadays and mostly found in Pasir Ris (Flora Drive) and Hougang areas. These projects can be considered good buys for property hunters and saw good responses upon launches. 

Projects that have been in the market and achieved strong sales performance include Foresque Residences (104 units), Bartley Residences (78 units) and Parc Olympia (77 units).