SINGAPORE (Sept 18): CGS-CIMB Securities is remaining “neutral” on Singapore’s property sector after Aug 2018 private monthly home sales came in at 639 units, down 60% y-o-y and 64% m-o-m.

In a Monday report, analyst Lock Mun Yee says she believes the latest data reflects a “much quieter” residential market and selective buying post cooling measures, which she expects to have an overall dampening effect on buying sentiment and pricing expectations going forward.

She also notes a slower pace of take up in non-executive condominium private home sales at a total of 6,476 units, 27% lower than a year ago and making up 65% of CGS-CIMB’s full-year expectation of 10,000 for 2018.

Read more on The Edge Singapore.