Executive condos keep on luring buyers despite price dips.
Even with the real estate sector falling short in its performance for 2Q16, the Urban Redevelopment Authority (URA) has recorded an increase in transactions in the private condominium market, with 104% boost over the previous month.
The agency also registered the highest number of sold new homes this year since July 2015, when 1,655 units were sold.
Developers sold a total of 1,091 units for this month, compared with 536 units in June.
Meanwhile, there was a recorded 258% spike in the number of transactions for executive condominiums (EC), with sold ECs reaching to 830, according to ERA Real Estate
“The EC market continues to draw buyers, with 7 out of the top 10 best-selling projects being ECs.The EC market has already outperformed 2015 in terms of number of transactions, with 2,697 units sold in the first 7 months of 2016 compared to 2,550 in the whole of 2015,” the group said.
The registered improvement is amidst the price slip of 0.4% in 2Q16.
The group said this reflects the still-strong buying demand and the progressive absorption of abundant stock.
“This was due to several successful launches in the month of July,” the agency said in a statement.
The group expects developer sales to be about 7,000 to 8,000 units in private condominiums segment and 3,000-3500 units in ECs.