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Developers Sales in October Remained Good Despite Economy Downturn and Cooling Measur
Can you all believe it?

Sales of new private homes jumped 146% to 1,540 units in October compared with September’s 769 units. On a y-o-y basis, sales surged 87% from 824 units in October last year. The strong performance came on the back of the launches of two condominiums: Forest Woods and The Alps Residences. Both projects accounted for 55% of the sales.

Forest Woods was the top seller, with 364 units sold at a median price of $1,412 psf, followed by The Alps Residences, with 334 units sold at a median price of $1,078 psf.

Christine Li, director of research at Cushman & Wakefield, reckons the takeup of new private homes remained buoyant in October owing to the affordable quantum and positive locations.

In the executive condominium segment, a total of 288 units were sold in October, 11% higher than the 260 units sold in September. The Terrace was the best performer in October, with 57 units sold at a median price of $797 psf. Sol Acres saw 49 units sold at a median price of $778 psf. This was followed by The Visionaire (24 units at a median price of $819 psf) and Westwood Residences (24 units at a median price of $796 psf).

Ong Teck Hui, national director of research & consultancy at JLL, expects the full-year take-up to exceed the 7,440 units sold in 2015, as more than 6,900 new private homes were sold in the first 10 months of the year. This trend suggests that the volume of sale in the primary market could have bottomed, adds Ong.

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