Developers' Q109 pte homes sales at 2,000-2,200: CBRE

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March 31, 2009, 2.01 pm (Singapore time)

Developers' Q109 pte homes sales at 2,000-2,200: CBRE

By KALPANA RASHIWALA


Developers sold between 2,000 and 2,200 new private homes in the first three months of this year, estimates property consulting group CB Richard Ellis. This is the highest sales volume since the third quarter of 2007.

'The return of sales volume shows that some liquidity has returned to the market and underlying demand remains healthy. Wary of the impact of the economic recession on job security, as well as stricter bank loan approvals, buyers zoomed in on new homes.

Shoe box units in city- fringe locations were popular. Projects such as Alexis, Nova 88 and The Mercury sold well, at prices ranging between S$900 per square foot (psf) and S$1,200 psf for unit sizes of 340 square feet (sq ft) to 750 sq ft. The majority of them were sold at an absolute quantum of less than S$600,000 per unit,' CBRE said in a release on Tuesday.

The projects with the highest number of units sold in Q1 2009 were Caspian (550 units sold), Alexis (293 units), Double Bay Residences (250 units) and The Quartz (178 units),CBRE said. All four condos are located near MRT stations.