Gem ResidencesSingapore new private homes sales, excluding executive condominiums (ECs), climbed by around 40%  to 1,056 units in the month of May from April, according to the date released by the Urban Redevelopment Authority (URA) last 15 June.

Since July last year, this is the highest record of monthly sales when the total number of 1,655 units were sold, JLL  stated. According to property consultancy, sales of developer normally bloom around the months of April and May, ahead to holiday lull of June.

The growth of sales was largely due to 2 latest projects, the Stars of Kovan and Gem Residences in Toa Payoh.

The Gem Residences with 578 total unit sold 312 units at $1,431 psf median price. Jointly developed by Evia Real Estate, Gamuda Berhad and Maxdin, this 99-year Leasehold project is first private condo to launch in the area of  Toa Payoh after seven years.

Developer of  Stars of Kovan, Cheung Kong Property sold 76 units out of 395 residential units, with median price about $1,414 psf. The project is located at the junction of Tampines Road and Upper Serangoon Road.

Separately, due to dropped of EC sales, there were no upcoming EC projects launched for the month May, sales of EC fell by nearly 40% to 332 units, from 547 units sold during the previous month.