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Singapore Home Sales Inch Higher in Sign of Residential Recovery

Bloomberg logoBloomberg 3/15/2019 Katrina Nicholas

(Bloomberg) -- Private-home sales in Singapore rose in February, one signal the market may be recovering from cooling measures implemented last year.

Developers sold 455 units, a 4.4 percent increase on January’s 436, the Urban Redevelopment Authority said in a statement Friday.

In July, the government imposed higher stamp duties and tougher loan-to-value rules to choke off a sudden bout of exuberance. That had the desired effect with private residential home prices in the city-state posting their first decline in six quarters in the three months to Dec. 31.

a screenshot of a video game: Singapore residential prices post first decline in six quarters© Bloomberg Singapore residential prices post first decline in six quarters

In other highlights from the report:

The number of new apartments launched for sale in February was 596, compared with 498 in January and 101 in December, a month typically slower due to the holiday seasonTop selling projects included Stirling Residences and new luxury condo The Tre Ver. Developments that released significantly more units than were actually sold included Affinity at Serangoon and Artra in Alexandra

To contact the reporter on this story: Katrina Nicholas in Singapore at knicholas2@bloomberg.net

To contact the editors responsible for this story: Katrina Nicholas at knicholas2@bloomberg.net, Sam Mamudi

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©2019 Bloomberg L.P.

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