Last month, property developers launched 586 new private residential units for sale, 19.1% less than in March. However, the number of new private homes (excluding executive condominiums, or ECs) sold in April increased 55.2% to 745 units, the best since last November, notes Nicholas Mak of SLP International. The market segment with the strongest buying momentum in April was still the suburbs, or Outside Central Region (OCR). Although the number of OCR units launched in April dropped 30% to 436 units, sales increased 56.9% to 469 units (excluding ECs).

The top-two selling projects in April were Lakevillein Jurong and The Sorrento in West Coast. At the 99-year leasehold private condo Lakeville, 210 of the 230 units launched were sold at a median price of $1,318 psf, which is 15% higher than the median price of its neighbouring project, The Lakeshore, which is also a 99-year leasehold condo and was completed in 2008. Homebuyers may be optimistic about the future of the Jurong Lake District and are prepared to pay a premium for properties in the area, says Mak.

The Sorrento, a freehold development, achieved a take-up rate of 95%, with 125 of the 131 units launched sold at a median price of $1,414 psf. Sky Habitat, which was relaunched in April at a lower price, sold 130 units at a median price of $1,377 psf. So far, 312 units out of a total of 509 at Sky Habitat have been sold.