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Singapore property sales set for record year after hot July

Asia One
Singapore property sales set for record year after hot July - Singapore property - sales - record - private homes - 2009 - Debenham Tie Leung - Chua Chor Hoon - analysts


SINGAPORE - Record sales of private homes here in July may push the 2009 total to an all-time high as local sentiment and global economic prospects improve, analysts said Tuesday.



A total of 2,767 apartments and houses were sold in July - the most ever sold in a single month - and this brought the total for the first seven months of 2009 to more than 10,000 units, according to official figures.

The previous annual record of 14,811 units was set in 2007 and experts believe there is still pent-up demand from buyers sidelined by high prices that year and the financial crisis of 2008, when property sales dipped sharply.

 
Buyer interest began to pick up in the first quarter of 2009 and exploded in the second quarter as developers launched affordable projects and foreign investors returned to the Singapore property market.

"It (2009) is likely to beat the 2007 record of 14,811 units sold," Chua Chor Hoon, head of Southeast Asia research at property advisers DTZ Debenham Tie Leung, told AFP.


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