Sales of private resale homes pick up

By Romesh Navaratnarajah:Sales of private resale homes rose in the month of March but were overshadowed by bleak figures in the first two months of the year and overall Q1 numbers.  

Analysis by property consultancy Savills revealed that resale volumes in March hit pre-ABSD levels. Although buyers' interest for new launches grew in January and February, last month's turnaround was unexpected.  

Agents said that the high psf prices for some new launches recently have helped to shift interest to the secondary market which offers more attractive prices.  

According to Savills' analysis of URA Realis caveats, a total of 1,142 resale deals for private homes (excluding ECs and en bloc sales) took place last month, which is double the 565 caveats recorded in February and three times the 314 transactions in January.

"Given that the average monthly resale volume for 2011 was 1,166 transactions, the March numbers show that resale volumes have recovered back to pre-ABSD levels," said Alan Cheong, Research Head at Savills Singapore.

However, the March 2012 resale volume is still 23 percent lower than the 1,480 caveats lodged in the same month last year. As more caveats come in over the next few weeks, the March tally will likely rise.  

As for April's caveats, the data revealed that 332 resale transactions were done as of 24 April.

"The pace of resales in April is still healthy. Agents are still conducting frequent viewings and enquiries. Barring any new property cooling measures or external shocks, resales should remain robust for the next few months," noted Savills. Related Stories:Who said there are no affordable private homes in Singapore?

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