Chinese New Year lull hits new private home sales in Feb

The Chinese New Year lull hit new private home sales last month with developers moving just 377 units, a 61.5 per cent drop from the 979 sold a year ago.

Last year, Chinese New Year was celebrated at the tail-end of January, rather than in February.

Month-on-month, developer's sales in February dropped 28 per cent from the 524 units sold in January.

Even so, developers sold more than they launched in February. The 377 new private homes sold in the month was double the 186 units launched.

Developers have been enjoying months of good sales with January's figure up 37 per cent year on year.

Said Mr Ismail Gafoor, chief executive of PropNex Realty: "February traditionally witnesses fewer property activities due to the festive celebrations and lack of new launches.

"With more new launches lined up in the coming months, we can expect sales to pick up and transactions to increase, with the month of March witnessing approximately more than 500 units sold."

URA's February data shows that among top selling projects in the month, 47 units were sold at Queens Peak at Dundee Road at a median price of $1,730 per square foot (psf) and 34 units were sold at Kingsford Waterbay at a median $1,349 psf.

There were also 30 units sold at Artra at a median price of $1,726 psf, 26 units sold at Grandeur Park Residences in Bedok South at a median $1,487 psf, and 24 units were sold at Parc Life EC in Sembawang at a median $836 psf.

Inclusive of executive condominiums, which are a public-private housing hybrid, developers found buyers for 469 units last month, a 24.8 per cent drop from the 624 units sold in January this year and a sharp 64 per cent drop from the 1,308 units sold in February last year.

A new project launch by Far East Organization, Parksuites at Holland Grove, launched 50 units last month but sold three units at $2,215 psf. - THE STRAITS TIMES