The recovery in mass market property sales in Singapore started as far back as a year ago, according to consultant CB Richard Ellis (CBRE).It said this debunks the notion that the recovery for mass market projects has trailed the high-end market until the last few months.
But even with sales rising for some 12 months, CBRE's research has found that prices only started edging up in the last six months.
The study is based on an analysis of the new units launched last year and the corresponding take-up volumes.
It found that 68 per cent of the new projects launched in the West Coast last year had actually been taken up.
Likewise, take-up rates for districts 15 and 16 were about 90 per cent.
Home buyers bought about 74 percent of projects in the prime districts of 9 and 10, and 96 per cent of projects in the Downtown area and Sentosa Cove.
CBRE said the strong sales of non-prime projects suggest that upgraders and private homeowners had bought properties, in anticipation of a rise in prices. - CNA/ch
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