SINGAPORE – Developers sold 1,241 private residential units last month, up from 468 a year earlier, according to a Urban Redevelopment Authority (URA) report yesterday (15 Sep).

The top-selling private residential project last month was Chinese developer Qingjian Realty’s Le Quest. It sold 286 units at a median $1,309 per sq ft.

Le Quest was launched before the start of the seventh lunar month on Aug 22, when some buyers typically refrain from buying homes.

Buying momentum continues to pick up in the face of more aggressive bids by developers for land sites including en bloc deals.

No executive condominiums (ECs) were launched in August 2017, but developers moved 340 EC units, compared with 331 last year.

Still, it was well down from the 980 EC units sold in July, with Yio Chu Kang’s Hundred Palms Residences EC¬†selling out all 531 units on the first day of launch.

Already, the total number of private homes sold in the first eight months is 8,391 units, surpassing the 7,972 units sold in all of last year.

PropNex Realty chief executive Ismail Gafoor believes that buyers “fear prices may increase by more than 10 per cent next year, given the recent aggressive land bids from recent land sales”.