Record Number Of New Private Homes Sold Last Year

Source : The Straits Times, Jan 15, 2008

Total of 14,826, mostly sold in first 9 months, before sales

HOMEBUYERS picked up a record number of new private homes last year - before demand dipped sharply at year-end.

They bought 14,826 new homes in the year, up from 11,147 the year before, according to the latest figures from the Urban Redevelopment Authority (URA).

This all-time high figure was boosted by sales in the first nine months, when 90 per cent of last year's deals were done, said property consultancy CB Richard Ellis (CBRE).

Demand then went into a freefall in the last months of the year amid a slew of worries, including concerns over the United States sub-prime mortgage crisis.

New home sales, which had averaged 1,480 a month between January and September, fell to below 600 in each of October and November.

Last month, a mere 305 deals were done, the lowest number since the URA started tracking monthly new home sales in June. All the figures exclude executive condominiums.

Read the full report in Wednesday's edition of The Straits Times.