New private home sales increased by around 22 percent during February to reach 724 units, according to public data published on Monday by the URA.

Including executive condominiums (ECs), 769 units were sold last month compared to the 610 taken up in January 2014.

A total of 671 units were launched in February compared to 549 the month before. Interestingly, more units were sold as opposed to launched last month.

The top selling project in the month was RiverTrees Residences at Fernvale Close (pictured) which sold 218 apartments at a median price of $1,111 psf. This was followed by Riverbank @ Fernvale, also in the same vicinity, which moved 211 units at $1,033 psf, and Hallmark Residences in District 10 where 26 homes were taken up at $1,860 psf.

Notably, more than half of the transactions came from the RiverTrees and Riverbank condos.

The most expensive property sold in February based on median psf pricing came from Corals at Keppel Bay, with one unit at $2,888 psf. Liv on Wilkie in District 9 was second with three units sold at $2,429 psf, followed by DUO Residences in Bugis which moved nine units at $2,350 psf.

According to URA, prices, as well as the number of units sold during the month, are based on the Option to Purchase (OTP) issued by developers to buyers.

An OTP is a right or option given by the vendor to an intending purchaser to buy the property at a specified price within a specified period of time – the validity period of the option. The intending purchaser must pay a booking fee of between 5 – 10 percent of the agreed price for this right or option. The purchaser has to exercise the OTP within its validity period if he decides to buy the property.