The private residential market saw a rebound in September.
Figures released by the Urban Redevelopment Authority (URA) on Monday showed 2,064 units, including executive condominiums (ECs), were transacted.
This is the highest number of monthly transactions this year and a significant 26% increase from August's 1,638 units.
PropNex Realty said the homebuyers are mainly HDB upgraders, attracted to the pricing and the proximity of the development to the Punggol MRT.
It said the revision of income ceiling had prompted many to purchase ECs.
Excluding ECs, the number of units sold in the mass market with units costing $1,200psf or less, accounted for more than three quarters of the transactions.
Jones Lang LaSalle said the surprise upside in September monthly sales only confirms the view of an underlying market need for homes.
Dr Chua Yang Liang, head of Research, Southeast Asia, said the market remains price sensitive with projects in the suburban areas seeing more take-up compared to projects in the city and its fringes.
PropNex said it expects October's sales to hold steady, with over 1,400 units sold. This is due to the fact that developers will be launching more projects in the coming months.
It added that it expects both home buyers and investors to take a more cautious approach on prices.
Source: Channel News Asia.