Private home sales post steady growth in October

A total of 969 housing units were sold.

Developers enjoy stable pace of private new home sales with the sale of 758 private new homes (excluding ECs) and 211 units (ECs) for October even with the absence of major project launches, according to data from Urban Redevelopment Authority.

“The new private homes figures are seeing a 15.4 increase from the previous month of September of 657 units that were transacted, is largely attributable to the positive market sentiments and greater confidence as more investors and home upgraders are picking up units that are rightly priced,” said PropNex Realty CEO Ismail Gafoor.

Properties in the Central Core Region continue to generate the largest demand, accounting for 143.1% increase MoM to 141 units of new private home sales. Rest of central (RCR) accounted for 5.6% at 283 sold units and Outside Central Region (OCR) at 0.9% with 334 sold units.

Sophia Hills in CCR leads the pack in terms of units sold as a total of 62 units were sold, followed by Martin Modern (CCR) with 47 sold units.

INZ Residences (EC) from OCR sold 45 units, Gem Residences from RCR sold 43, The Criterion (EC) from OCR sold 39, and The Residences from RCR and Stars of Kovan from OCR both sold 38 units.

“Today’s CCR property prices, averaging between $2,000 to $2,300 per square foot, are deemed very attractive because 2018 new launches in RCR are predicted to hit well above $1,700psf, thus narrowing the price gap in these 2 regions,” Gafoor added.