Singapore Home Sales Up 35% as New Projects Are Launched
By Pooja Thakur Mahrotri
/ Bloomberg |
Singapore home sales rose 35 percent in July, as more new projects were launched.
Developers sold 1,108 units last month, compared with 820 in June, according to Urban Redevelopment Authority data released Tuesday. A total of 692 new units were offered, up from 159 in June, the data showed.
Singapore’s leaders, determined to keep a lid on home prices in the city-state, have unleashed a series of cooling measures since 2009. The government in March rolled back some property-market restrictions for the first time in eight years, although it has also cautioned that those adjustments don’t signal an unwinding of the measures.
GuocoLand sold approximately 90 units for the first phase of Martin Modern for a total of more than $220 million, over the weekend from July 22 to 23.
Property prices have dropped for 15 straight quarters, the longest slide since the data were first published in 1975. An index tracking private residential prices fell 0.1 percent in the three months ended June 30 from the previous quarter. Home values have dropped 12 percent from their 2013 peak.
Developers are seeing signs of a recovery. CapitaLand Ltd. Chief Executive Officer Lim Ming Yan this month said the residential property market is “bottoming out,” while City Developments Ltd. Executive Chairman Kwek Leng Beng said the “heartbeat” of Singapore’s residential property market appears to be getting stronger.
Projects launched last month include Martin Modern, which sold 109 of 210 units marketed, while Symphony Suites sold 73 units last month.
The story, written by Pooja Thakur Mahrotri, first appeared on Bloomberg.
Correction: 109 units at Martin Modern were sold, out of 120 units marketed, and not as previously reported. The error is regretted.
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