Updated: 04/15/2014 23:53

Sales of private homes plunged in March

Sales of private homes plunged in March

New private home sales dropped 35 per cent in March, compared to February. 

According to data released by the Urban Redevelopment Authority, 480 units of new private homes excluding executive condominiums or ECs, were sold last month. 

Director of Chris International, Chris Koh isn't surprised by the drop. 

Developments in the suburbs accounted for the majority of the units sold at 299 units. 

The Santorini in Tampines sold 76 units, Eight in Whampoa sold 44 units, while Rivertrees Residences in Sengkang retained its popularity selling 35 units. 

Rivertrees had sold 73 per cent of its initial launch units in February. 

Developments in the city fringe sold 127 units and the those in the city sold 54 units. 

Meanwhile, the top selling EC was Waterwoods in Punggol, which sold 20 units. 

Including ECs, the total number of units sold in March was 535.

"Well I think most of us expected a fall. We knew that prices were coming down, prices were consolidating. One of the main reasons why the numbers are lesser is because we saw lesser launches. Developers were holding back their launches, we didn't see many units or developments launched."

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