http://business.asiaone.com/Business...16-333771.html
Friday, Mar 16, 2012
AsiaOne
Record number of new private homes sold in Feb
Despite new cooling measures and uncertain economic conditions, the property market registered record sales in February with 3,138 new private homes sold.
The figure is propelled by the 725 executive condominium (EC) units sold. Without this, the figure drops to 2,413 homes. This is lower than the 2,772 non-EC private units sold in July 2009.
The EC sales figure is the highest monthly figure since EC sales resumed in October 2010.
Developers had launched a string of projects last month, making more homes available compared to January. January sales were robust as well, with 2,077 units sold that month.
However, despite the rosy sales figure, the number of unsold units also hit a record high, with 7,586 units left in the market due to the large number of projects, reported The Straits Times.
Most of the units sold were from the city fringe, with five times more homes sold here than in January. 75 per cent of the total sales came from the mass market segment.
The Straits Times reported that experts attributed the positive sales sentiment to low interest rates, market liquidity, and the lack of alternative investments.
Experts also predict that minus any unexpected events, March sales figures are expected to remain strong, with the mass market segment still leading the pack.
[email protected]