Singapore residential property sales drop 64% in August

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Residential property sales in Singapore shrank by 64 per cent in August to the lowest point in six months as government cooling measures took effect and developers marketed fewer projects in a period considered an “unlucky period” in the lunar calendar by Chinese home buyers.

According to a Bloomberg News report, developers in the country sold 616 units last month, the Urban Redevelopment Authority (URA) said in a statement on September 17. That compares with 1,724 units in July and 654 apartments in June, the data show.

Singapore took renewed steps in July to cool the island’s property market after home prices rose more than seven per cent in the first six months of the year. The rush of transactions was fueled by aggressive land bids from developers and bulk transactions in which a group of owners band together to sell entire apartment buildings.

Under the new rules, individuals taking out their first housing loan face stricter borrowing limits, meaning they have to stump up more cash upfront. For foreign purchasers of residential property, the additional buyer’s stamp duty was increased to 20 from 15 per cent. For Singapore citizens, the extra charges only apply from their second home purchase.

An index tracking private residential prices jumped 3.4 per cent in the three months ended June 30, according to URA data. That built on a 3.9-per cent gain in the first quarter, which was the biggest increase since the second quarter of 2010.

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Reading Time: 1 minute

Residential property sales in Singapore shrank by 64 per cent in August to the lowest point in six months as government cooling measures took effect and developers marketed fewer projects in a period considered an “unlucky period” in the lunar calendar by Chinese home buyers.

Reading Time: 1 minute

Residential property sales in Singapore shrank by 64 per cent in August to the lowest point in six months as government cooling measures took effect and developers marketed fewer projects in a period considered an “unlucky period” in the lunar calendar by Chinese home buyers.

According to a Bloomberg News report, developers in the country sold 616 units last month, the Urban Redevelopment Authority (URA) said in a statement on September 17. That compares with 1,724 units in July and 654 apartments in June, the data show.

Singapore took renewed steps in July to cool the island’s property market after home prices rose more than seven per cent in the first six months of the year. The rush of transactions was fueled by aggressive land bids from developers and bulk transactions in which a group of owners band together to sell entire apartment buildings.

Under the new rules, individuals taking out their first housing loan face stricter borrowing limits, meaning they have to stump up more cash upfront. For foreign purchasers of residential property, the additional buyer’s stamp duty was increased to 20 from 15 per cent. For Singapore citizens, the extra charges only apply from their second home purchase.

An index tracking private residential prices jumped 3.4 per cent in the three months ended June 30, according to URA data. That built on a 3.9-per cent gain in the first quarter, which was the biggest increase since the second quarter of 2010.

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