Singapore: Singapore home sales rose to the highest in three months, boosted by demand for new condominiums in the suburbs.
The island state’s private residential property sales rose 42 per cent to 1,943 units in July from a month ago, the highest since 2,497 units were sold in April, according to data released by the Urban Redevelopment Authority today.
“Sales last month were aided by new launches which were reasonably priced,” said Nicholas Mak, executive director at SLP International Property Consultants, a real estate consulting company in Singapore. “We are fast approaching the record annual primary market sales this year and should cross 20,000 units.” Sales will continue to be led by suburban demand for a year, he said.
Sales rebounded after slumping to 1,371 units in June, the lowest this year. Parc Centros in the northeastern suburb of Punggol contributed the most to sales last month, with 492 units, according to the government data. Sales were also boosted by the Parc Olympia development on Flora Drive on the east side of the city state, with 204 homes sold. V on Shenton in the central business district sold 144 apartments of the 190 marketed in July, the data showed.
Prices of non-landed private residential properties increased by 0.6 per cent in the Core Central Region in the quarter ended June compared with a decrease of 0.6 per cent in the previous quarter, a separate government report showed last month.
Singapore has been attempting to rein in prices since 2009, when it barred interest-only loans for some housing projects and stopped allowing developers to absorb interest payments for apartments still being built. More measures were introduced in December, requiring foreigners and corporate entities to pay an additional 10 per cent stamp duty. The extra levy is 3 per cent for permanent residents purchasing a second home and for citizens buying their third residential property.
