Property Market Remains Sluggish - Only Half Of New Units Sold In Feb

Source : The Straits Times, Mar 17, 2008

THE lethargy in the housing market continued last month, with only half of the new units launched snapped up by buyers.

Property developers launched 343 new homes in February but sold only 185, down from the 328 that they sold in January.

Among the best performers were Cosmo at Guillemard Crescent and Waterfront Waves at Bedok Reservoir.

Cosmo, which was almost sold out within a week of its launch, sold 41 of its 45 units at a median price of $1,098 per sq ft (psf). Waterfront Waves saw 26 units sold at a median $808 psf.

Generally, home prices still held steady, even rising in some cases. Where they fell, the dips were marginal.

At Hong Leong Holdings' Aalto in Jalan Kechil, three units were sold in January for a medain $2,078 psf.

Last month, two units were sold at higher prices: one at $2,336 psf and the other at $2,902 psf.

But prices dropped slightly at Mount Sophia Suites in Sophia Road. Twelve units were sold there at a median $1,719 psf in January, but only five were sold last month at a lower median price of $1,709 psf.