Monday, February 18, 2013

Property stocks up after strong sales data

Feb 18, 2013 -

Despite the latest round of cooling measures which came into effect on January 12, the Urban Redevelopment Authority (URA) recorded 2,013 new private home sales last month, 43 percent more than the 1,410 units sold in December 2012.

On Friday, shares of CapitaLand, Southeast Asia’s largest developer were up 0.8 percent at S$3.93, while City Developments saw a 0.3 percent rise to S$11.45.

Commenting on the robust sales figures, Mohamed Ismail, Chief Executive of PropNex Realty, said that many home buyers rushed to make purchases on the evening before the start of the cooling measures, with most developers extending their opening hours to accommodate last-minute purchases. 

"The number of transactions indicates clearly that demand for private properties is still there, especially when you take into consideration the advent of the January cooling measures," he added.

Martin Koh | 86666 944 | R020968Z
Sherry Tang | 9844 4400 | R020241C

Senior Sales Director
DTZ Property Network Pte Ltd (L3007960A)

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