A total of 1,024 private homes were sold in May, that is 34% lower than the 1,558 recorded in April. Property consultants attributed the drop to the lack new project launches in May.

Tay Huey Ying, head of research & consultancy Singapore with JLL says, despite this dip, market sentiment stayed upbeat as evidenced by the robust sales volume seen for previously launched projects. JLL noted that demand for units from previously launched developments stayed above the 1,000 units mark for three consecutive months - 1,079 units in March, 1,004 units in April and 1,008 units in May.

The top-selling project in May was Parc Riviera at West Coast Vale, where 83 units were sold at a median price of $1,246 psf. Meanwhile, The Santorini trailed with 64 units sold at a median price of $1,022 psf. Commonwealth Towers came in third, with 53 units sold at a median price of $1,841 psf.

ERA Realty Network's Eugene Lim says the recent aggressive bids by developers at the government land tenders, may have also tipped buyers hand to take the plunge now where prices are still reasonable and attractive.

"They buy now to avoid having to pay higher prices later on," says Lim.

Consultants say the shorter holding period of three years, for the payment of Sellers Stamp Duty (SSD), compared to four years previously may have had an impact as well. The government announced the tweak to SSD in March.

"With the shorter holding period, buyers will have the flexibility to resell the units when the project attains TOP; without having to pay SSD. This allows them to take profit should the opportunity presents itself," explains Lim.

In the executive condominium segment, a total of 370 units were sold in May, down slightly from the 371 units sold in April. Sol Acres was the best-selling EC, with a total of 116 units sold at a median price of $794 psf. This was followed by the Visionaire, which saw 39 units sold at a median price of $818 psf and Inz Residence with 37 units sold at a median price of $785 psf.

Consultants believe the market exuberance could continue in the 2nd half of 2017, where Hundred Palms Residences (EC), Martin Modern and Le Quest are all gearing up for a July launch.

Best-selling private projects in May 2017

Best-selling EC projects in May 2017