Private home resales spring back to life

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P U B L I S HE D A P RI L 2 6 , 2 0 1 2

Private home resales spring back to life Startling turnaround in March on the heels of high prices at new home launches BY KALPANA RASHIWALA

[SINGAPORE] After going into deep freeze since the additional buyer's stamp duty (ABSD) was introduced on Dec 8, resale transactions of completed private homes snapped back to life in March. The recovery was partly disguised amid the first quarter figures, weighed down by dismal volumes in January and February.

Interior of the 12th floor unit Residences@ Evelyn that sold for $1,609 psf in March

In fact, Savills Singapore's analysis shows that resale volumes for March have recovered to levels seen before the ABSD kicked in. The turnaround was sudden, as the resale market had remained jittery even while buyers were returning to property launches in the first two months of the year.

However, since March, agents say that some of the eye-popping per square foot (psf) prices achieved at new launches have helped to jumpstart interest in the secondary market for completed properties, where prices look more attractive. Savills' analysis of URA Realis caveats data shows 1,142 resale deals for private homes (excluding ECs and en bloc sales) done in March - double the 565 caveats for February and more than three times January's volume of 314 transactions. The March number also exceeds December's volume of 776 and November's 981.

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http://www.businesstimes.com.sg/print/38577

26/4/2012