More than 16,000 private homes could be sold by end-2017

Buyers could snap up 12,000 private properties and 4,000 ECs.

Private home sales could reach 16,000 by the end of 2017, comprising of 12,000 private properties and 4,000 executive condominiums (EC), PropNex Realty said.

Based on figures from the Urban Redevelopment Authority (URA), 1,581 units, including ECs, were transacted for August 2017.

Even though there is only one new launch for the month, 1,241 units were sold. This figure is higher than in the months of May, June, and July.

The total units in 2017 so far also surpassed last year's figure "illustrating the positive momentum and greater activities in the segment."

PropNex Realty chief executive officer Ismail Gafoor said, “Buyers are more prepared to pick up existing projects that are rightly priced, fearing that prices might increase by more than 10 per cent come next year, with the recent aggressive land bids from recent land sales.”

Meanwhile, properties in the Outside Central Region (OCR) continue to be the most sought after, comprising 61.8% or 767 units of new private home sales.

The Rest of Central Region (RCR) and Core Central Region (CCR) had a share of 26.9% with 334 units and 11% with 140 units, respectively.