(Dec 15): Singapore’s new private home sales slowed sharply in November with a lack of major projects released, a month after a surge in buying reignited concerns that the government may take fresh steps to cool the market.
Developers sold about 325 new homes last month, Urban Redevelopment Authority figures showed Monday. It’s a large drop-off from October, when more than 2,400 units were snapped up.
The lull is likely to persist into December as developers traditionally shun launches during the holiday period. But many are already revving up for a slew of developments to be released in the new year, which could extend the buying frenzy seen in recent months.
Falling interest rates, an influx of rich immigrants and a local intergenerational transfer of wealth have fuelled demand for new homes in Singapore, one of Asia’s least affordable private residential markets. Authorities have intervened in recent years to dampen price increases but have yet to make a significant dent in buying interest.
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