SINGAPORE (Oct 16): CGS-CIMB Research is maintaining its “neutral” stance on Singapore’s property sector post the release of recent Urban Redevelopment Authority (URA) data, which reflected higher September monthly home sales of 944 transactions, up 51% m-o-m and 42% y-o-y.

In a Monday report, analyst Lock Mun Yee notes that despite the positive momentum in home sales, the take-up rate remains fairly modest at 0.8 times as sales pace has yet to catch up with the launch volume.

While she expects replacement demand from displaced en-bloc sellers to provide some support for transaction volumes, Lock believes the recent property cooling measures announced in July will continue to dampen buying sentiment and pricing expectations.

Read more on The Edge Singapore.