Home sales in Singapore property market saw a surge with the monthly total sales being the highest in four years for the month of March. This surge is significant as it was after the rolling back of some property curbs implemented by the government following a three year slide in property prices.
The month of March had seen developers’ sales reached a record high in four years with total one thousand seven hundred and eighty units transacted in the new condo launch properties. This is more than twice the units transacted in the same period last year which registered transacted total units of eight hundred and forty three units.
Two prominent new launch condo projects which experienced such excellent sales are namely Grandeur Park Residences and Park Place Residences. Grandeur Park Residences is well located next to Tanah Merah MRT station. Park Place Residences is well located next to Paya Lebar Square with Paya Leber MRT besides it. Both being new condo near MRT indeed attracted deservingly huge customer turnout during its preview new condo launches.
After home prices fell by three percent last year and having declined for fourteen straight quarters, the government stepped in to relax a host of measures which was originally meant to cool home prices. These strict measures to cool the runaway home prices are the strictest restriction to home purchase being first implemented in 2009 and subsequently in a progressive manner till 2013. Such measures were indeed successful in cooling the price increase much to the relief of the general public while also curbing the investment sentiments of some. The price decline for fourteen straight quarters was indeed the longest slide since the data was made available to the public in 1975.