High-end sales at CCR shoot up 247% in April

The big boost came from the selling of 87 out of 100 units at the new Eon Shenton project.

Healthy sales were also noted at older projects such as the Marina Bay Suites and Scotts Tower.

The residential property sector is seeing a revival following the series of blows it has encountered in 2011, according to OCBC Research.

While April sales in the mass-market segment (Outside Central Region or "OCR") came down 18% MoM to 1,479 units, the analyst noted a 53% increase in mid-tier sales (Rest of Central Region or "RCR") to 779 units sold mostly due to a strong sell-out launch at the 244-unit Katong Regency.

A headline total of 2,660 new private residential homes (including 173 EC units) were sold in April 12, which was down 12% MoM. 

Excluding EC and landed-units, units sold were up 4% MoM and 40% YoY to 2,449 units - a 33-month high since July 2009 - continuing the torrid pace of sales from January 12. 

While units launched in Apr 12 were down 6% MoM at 2,368 units, the take-up rate continued to be exuberant at 103%, up from 94% last month.

The inventory of launched and unsold inventory in the market was flat MoM at 6,225 units.

Only 26% of total sales were attributed to projects newly launched in the month, this versus 78%, 29% and 38% in the months of January, February and March 12, respectively. 

Because new launches typically boost monthly sales figures, OCBC Research believes the strong showing in April 12, with limited impetus from the new launches, reflect healthy sales conversions at older projects and strong broad-based demand.