New private home sales in Singapore ‘seem to have stabilised’ after cooling measures

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geemong
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New private home sales in Singapore ‘seem to have stabilised’ after cooling measures

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New private home sales in Singapore ‘seem to have stabilised’ after cooling measures


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Sales of new private homes "seem to have stabilised” after cooling measures were implemented at the end of last year, property analysts said.

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Excluding executive condominiums (ECs), developers sold 653 units in April, about the same as the 654 units sold in March, data from the Urban Redevelopment Authority (URA) showed on Tuesday (May 17).

Most of these were in the Rest of the Central Region (RCR), where 289 units were sold. A total of 206 units in the Core Central Region (CCR) were sold, while 158 units were transacted in the Outside Central Region (OCR).

Year-on-year, the number of units sold last month fell by about 48 per cent.

The Government had in December announced a package of cooling measures amid record property prices. Since then, monthly numbers of new home sales have stayed in the 600-range, except in February when it dipped below 600.

“New home sales seem to have stabilised after cooling measures were implemented more than four months ago,” said Ms Christine Sun, senior vice president of research and analytics at OrangeTee & Tie.

Ms Catherine He, head of research at Colliers, agreed and said the residential sector “seems to have stabilised”, and is set for a “stable recovery” on the back of Singapore’s reopening.