raised, while the total debt servicing ratio threshold was tightened and the limits on loans provided by the Housing & Development Board were lowered. However, less than six months later, new private home sales reached a record high, as tighter supply trumped the property cooling measures.
Recent figures published by the Urban Redevelopment Authority (URA) show that in the month of May, a total of 1,356 new private home units were snapped up by buyers, more than double the 660 units recorded in April and 51.5 per cent higher than a year ago. This is excluding executive condominiums, including which new home sales jumped 62.6 per cent to 1,376 units in May. In terms of supply, 1,240 new homes were rolled out by developers last month, amounting to a 140 per cent jump from a year earlier.
The city fringe region accounted for 65.9 per cent of new home sales in May, largely due to major launches by a selected group of real estate developers, while the suburbs at 18.2 per cent of the sales, and 15.9 per cent in the prime district. Piccadilly Grand, jointly developed by City Developments and MCL Land, sold 78.1 per cent of its 407 units in May, while 79.2 per cent of the 236 units at Liv@MB condominium complex were sold during the month. Other top condo sellers included The Florence Residences, Avenue South Residence, The Gazania and Normanton Park.
Recent figures also show that pricier condos were in high demand last month, with 84 per cent of total sales transacted between $1 million and $3 million. A total of 216 units moved at about $3 million, the highest number of units sold in that price category since April 2010.
