Homes sold in Outside Central Region surged a whopping 154%

Thanks to robust new OCR launches.

According to OCBC, excluding EC and landed units, 2026 new homes were sold in the OCR (Outside Central Region) in Sep 12, up a strong 154% from the 799 units sold last month.

Here's more from from OCBC:

This is mostly attributable to several new OCR launches performing strongly during the month. ECO (Bedok South, 748 total units) sold 402 units at a median selling price of S$1,283 psf, Kovan Regency (Kovan Rise, 393 total units) sold 369 units at S$1,275 psf, and Riversails (Upper Serangoon Crescent, 920 total units) with 203 units sold at S$849 psf. 

The URA reported that a headline total of 2,771 new private homes (incuding 150 EC units) were sold in Sep 2012, up a whooping 80% MoM.

In the same month last year, 2,060 new homes were sold, showing a more subdued 26% MoM increase. Excluding EC
and landed units from Sep 2012 sales, 2,582 units were sold - up 87% MoM and 59% YoY - with the take-up rate sustained above par at 117% (versus 132% last month).

Despite developers launching over 2,000 new units in Sep 2012, the inventory of launched and unsold units in the market fell 6% MoM to 6,158 units due to a bullish take-up rate.

Sales performances in the RCR (Rest of Central Region) and CCR (Core Central Region) remain at similar levels from last month - at 308 units (down 16% MoM) and 248 units (up 14% MoM) sold, respectively. 

In our view, Sep 2012 sales clearly points to a healthy state of buyer demand in the market. In particular, with increased visibility of sustained low rates till 2015 after the announcement of QE3, we believe that an environment of strong liquidity continues to drive demand and sales of mass-market units priced below a price quantum of S$1.2m.