Singapore August private home sales up 81.9% y-o-y

Singapore August private home sales up 81.9% y-o-y

Public housing apartment blocks are shrouded by haze in Singapore Sept 13, 2019. (Reuters file photo)
Public housing apartment blocks are shrouded by haze in Singapore Sept 13, 2019. (Reuters file photo)

SINGAPORE: Sales of private homes by developers in Singapore rose 81.9% in August from a year earlier, government data showed on Monday.

Data compiled by the Urban Redevelopment Authority showed developers sold 1122 units last month, compared with 617 units in the same month a year earlier.

However, sales fell 4.8% from the 1179 units sold in the previous month.

July’s level was the highest since November as a broader economic slowdown spurred investors to park their money in a property market known as a safe haven.

Colliers International Group Inc had said last month that sales would probably dip in August before picking up in September and October as new projects come to market. Colliers expects private home prices will rise just 1% this year given Singapore’s economic growth forecast of 0% to 1%.

Singapore last month slightly lowered, on average, the charges that developers must pay to enhance the use of certain property sites, or build bigger projects on them. That could have the effect of spurring activity as home builders are incentivized to rejuvenate certain areas.

In other highlights from the URA figures:

Developers launched 979 units for sale in August versus 911 apartments in July.

Developments with the biggest number of apartment launches in the month included Parc Clematis, Treasure at Tampines and The Florence Residences.

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