Private-home sales in Singapore soared in March as developers marketed more projects after a typically slower February that included the Chinese Lunar New Year holiday.
Developers sold 1,054 units last month, more than double the 455 in February, the Urban Redevelopment Authority said in a statement.
Residential home prices decreased for a second straight quarter in the three months ended on March 31 after the government added cooling measures in July, helping to buoy demand.
Sentiment is proving most positive in the super-luxury segment with a significant pick up in sales, property broker OrangeTee & Tie Pte said. In March, 25 new homes were sold above the S$5 million ($3.7 million) mark, the most since December 2013.
Ten of those apartments were bought by Singaporeans while 15 were purchased by foreigners, URA data show. (In Singapore, foreigners can’t purchase so-called landed property, except on Sentosa Island.)
The highest-priced unit was a penthouse apartment at Boulevard 88, a luxury development near the famous Orchard Road shopping precinct, that went for S$28 million, or S$4,927 per square foot. That’s the highest price per square foot for a new unit since June 2013, according to OrangeTee.
“Having being on the sidelines since the introduction of the property-cooling measures eight months ago, buyers and investors have started to feel more confident,” said Ismail Gafoor, the chief executive officer of PropNex Realty. “Developers are continuing to price sensitively.”