PropNex Realty props up sales by 300% from December

PropNex Realty reported Wednesday an increase of over 300% from December in sales of private residential units.

This translates to a total of 1,476 units sold, or about 1,400% more than January 2009 figures.

The middle to high-end markets are certainly moving. 76% of the properties sold were above a median price of $1,000psf, a statistic not seen for over thirty months,” observes PropNex CEO Mr Mohamed Ismail.

Mr Ismail is optimistic that the upward trend will continue in 2010 as focus is shifting to the middle to high-end markets, and with median prices for the mass market properties likely to breach the $1,000psf mark.

The selling prices of the two recently sold plots of land at Serangoon Avenue 3 and Upper Thomson Road were both above $500psf.

“Factoring in this land cost, an additional $270psf for construction costs, and all other related costs including the developers’ profits, we could see a $1,000psf selling price benchmark for 2010,” he explained.

Four projects were launched with over 100 units each in January 2010, all with a median price of over $1,000psf: Cube 8, RV Edge, The Shore Residences and Urban Suites.

These four projects chalked up the most sales for the period, accounting for 33% of the total sales for the month.

A slew of projects have also recently been launched or will be launched soon, such as Altez, Centennia Suites and The Estuary.

Mr Ismail expects prices of private residential properties to maintain buoyancy, with much of the new developments having median prices of between $1,000psf to over $3,000psf.