Sales of new private homes jumped 24% in June to 1,806 units from the previous month. The 738-unit J Gateway contributed 40.8% of sales last month, with 737 units sold within the first day of preview on June 28 at a median price of $1,486 psf. The other best-seller was the 616-unit Jewel @ Buangkok, which saw 282 units sold last month at a median price of $1,182 psf. This was launched 1 day before the Monetary Authority of Singapore (MAS) introduced the Total Debt Servicing Ratio (TDSR) framework
Despite the seventh round of cooling measures introduced on Jan 11, developers chalked up total sales of 10,061 (excluding executive condominiums) in 1H2013, or an average of 1,692 units a month. Property consultants and analysts expect monthly sales to decline in July, partly as a result of the introduction at end-June of a total debt servicing ratio, which is to be capped at 60% of a property buyers monthly income. Chia Siew Chuin, Colliers Internationals research & advisory director, forecasts Julys sales to be around 1,000 units, before recovering in the following months.
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