Home sales near '07 levels
But with more mass market deals, total value is at 58% of that in 2007
By Joyce Teo, Property Correspondent
With a fortnight left in the year, CBRE estimates total fourth quarter sales of new private homes at 1,700 units, putting combined sales for November and December at 889 units as October sales were 811 units, down from the 1,143 sold in September. -- PHOTO: BT
WITH the year nearly over, it is clear that nearly as many homes will be sold this year as in the boom year of 2007.
CB Richard Ellis (CBRE) predicted on Monday that as many as 14,500 new homes may be sold once the final tally is in for this year - second only to 2007's record take-up of 14,811 units.
But caveats lodged from Jan 1 to Dec 11 showed that the total value of property sales this year is running at only 58 per cent of that in 2007, said CBRE.
It said this was because mass market and mid-tier homes dominated the market this year, unlike in 2007 when high-end homes stole the limelight.
Also noteworthy: the fast-rising popularity of small-format apartments of 500 sq ft and below. So far this year, 540 of these apartments have been sold, more than double the 221 units sold in 2007.
Most projects with small units were sold out within a few days of their launch as each unit was 'very affordable' at between $300,000 and $600,000.
joyceteo@sph.com.sg
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