Sharp Fall In Home Sales

Source : The Straits Times, Sep 15, 2008

Only 320 units sold, compared to 897 in July.

SALES of new private homes took a big hit in August month as the period coincided with the Chinese Hungry Ghost month, which is considered inauspicious for making property purchases.
Developers sold only 320 units last month, about a third of the 897 units they sold in July.

This was partly because they also held back on launches, releasing only 194 new homes for sale, a fraction of the 1,322 homes launched in July.

Best-selling projects in the month included boutique condominium Urban Lofts in Rangoon Road, which sold all 46 units at a median price of $1,033 per sq ft (psf), Beacon Heights in St Michael's Road, which sold 34 units at a median $917 psf; and mass market development Livia in Pasir Ris, where 32 units were sold at a median $659 psf.

High-end developments also put on a better showing last month. Nassim Park Residences in prestigious Nassim Road sold another eight units at a median price of $3,349 psf, while SC Global's industrial-chic Martin No. 38 in Martin Road had 29 units sold at a median $1,970 psf.