SALES of new private homes rocketed to an 'outstanding level' last month thanks to price cuts and the share market rally boosting buyer confidence.
Last month, developers launched 1,161 new homes, up from 1,085 in April, according to data released by the Urban Redevelopment Authority on Monday. -- ST PHOTO: STEPHANIE YEOWRecession-defying numbers out on Monday showed there were 1,668 units sold in May, just a tad below the all-time high of 1,731 set in the boomtime month of August 2007.
Sales were also well ahead of the already-strong developer sales of 1,214 units in April and 1,220 in March.
PropNex chief executive Mohd Ismail cited the 'recent rallying of the stock markets and continued launches by developers at very attractive prices' as behind the 'outstanding' May sales.
This has encouraged 'many speculators' who were sitting on the fence to take action and strike while the iron is hot, taking advantage of the low prices in the market across all levels, he said.
Other experts cited pent-up demand and buyers' fear of missing the boat as other factors behind the high sales.
Developers lifted a gear last month as well, launching 1,161 new homes, up from 1,085 in April, according to Urban Redevelopment Authority data.
The total sales of 2,882 units recorded in April and May exceeded first quarter sales by 11 per cent and they were generally done at prices higher than the first quarter, said CBRE Research.
One striking aspect of May's bumper numbers is that sales of homes in the core central or prime region nearly doubled from April to 617 units. This comprised 37 per cent of total sales.
Read the full report in Tuesday's edition of The Straits Times.
