Singapore home sales in May 34% down as fewer projects launched

• Jun 16, 2017

SINGAPORE: Singapore home sales fell 34% in May as fewer new projects were launched.

Developers sold 1,024 units last month, compared with a revised 1,558 in April, according to Urban Redevelopment Authority data released yesterday.

A total of 339 new properties were offered, down from 1,616 in April, the data showed.

Developers have still notched sales of more than 1,000 units a month for the past three months, after the government in March relaxed a raft of measures to cool home prices. Property prices fell 3% last year and have dropped for 14 straight quarters, the longest slide since the data were first published in 1975. 

An index tracking private residential prices fell 0.4% in the three months ended March 31 from the previous quarter, according to data from the authority on April 28. Home values have dropped 11.6% from their 2013 peak.

The largest sales last month came from Parc Riviera, which sold 83 units, while Stars of Kovan sold 16 of 70 units it placed on the market. – Bloomberg

Source: http://www.thestar.com.my/business/business-news/2017/06/16/singapore-home-sales-in-may-34-down-as-fewer-projects-launched/#LDCYlZqibzDRFo1T.99