New private home sales, excluding executive condominiums (ECs), rose by 41 percent month-on-month in May to a ten-month high of 1,056 units, helped by the launches of Gem Residences and Stars of Kovan, as well as broad-based pickup, revealed a Credit Suisse report citing data from the Urban Redevelopment Authority (URA).
Year-on-year, developer sales surged by 64 percent from the 638 units sold in May 2015.
However, sales of new ECs plunged by 39 percent month-on-month to 332 units in May, due to the lack of new EC launches, said Credit Suisse.
The report stated that the launch of Sim Lian’s Treasure Crest EC may be delayed after sales at Parc Life EC in Sembawang were muted, with only 71 of the 628 units sold to date.
Meanwhile, the five top-selling projects last month were Gem Residences, Stars of Kovan, The Poiz Residences, Bellewaters EC and The Vales EC.