Business

July posts highest exec condo sales in a decade

Executive condominium (EC) sales hit fever pitch last month, recording the highest sales since monthly data became available in 2007.

There were 978 units snapped up last month, boosting total sales of private and EC homes to 2,086 - nearly double that of the 1,064 units sold in June.

June is usually slow for property sales due to school holidays.

The number of EC units sold last month was nearly 20 per cent higher than the 838 shifted in the same month last year, which had recorded the highest monthly EC sales figures since November 2014.

July's strong numbers released by the Urban Redevelopment Authority yesterday are likely due to projects such as the Hundred Palms Residences EC at Yio Chu Kang Road, which sold all of its 531 units at its launch at a median price of $834 per sq ft.

Other popular ECs included Inz Residence EC in Choa Chu Kang, which sold 65 units at a median price of $796 psf and Parc Life EC in Sembawang, where 63 units went at a median price of $790 psf.

Excluding EC units, the number of new private homes sold last month jumped by 35 per cent to 1,108 units compared with June's 820 units.

July's sales were comparable to the 1,092 units moved in the same month last year.

The top-selling condo last month was the high-end Martin Modern in Martin Place, which moved 109 units, and The Santorini in Tampines with 82 units.

All in all, developers sold 7,675 private residential units in the first seven months of the year - up 56.4 per cent on the same period last year - while 3,061 ECs have been moved, a 12.3 per cent increase.

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