In-demand OCR homes dominate private condo sales in August

OCR sales jumped 16.1% month-on-month.

Houses in the island’s outskirts bucked August’s dismal private property sales trend. Data released by the Urban Redevelopment Authority (URA) revealed that OCR sales jumped 16.1% month-on-month to 223 units, despite tight property cooling measures and traditionally lacklustre sales activity due to the Hungry Ghost month.

Meanwhile, new sales volume in CCR fell by about 50% to 44 units, while new sales volume in RCR also decreased by approximately 27.9% to 165 units.

According to Knight Frank, OCR contributed 51.6% of the total sales volume in August 2014,
while RCR made up approximately 38.2%.

“Out of the top 10 private residential projects by sales volume in the month, more than half of the projects lie in the OCR. Such distinguished performance of the OCR is mainly attributed to the roll-out of new units in several highly-sought after projects in the region, namely The Panorama, Coco Palms and Lakeville,” noted the report.