Singapore’s home sales rose in May
to their highest in almost a year as developers marketed new
projects amid declining prices, a government report showed.
Home sales rose to 1,470 units last month from 749 units in
April, according to data from the Urban Redevelopment Authority
released today. They were at the highest since June 2013 and
increased 0.8 percent from the same month a year ago, the data
Sales picked up in Asia’s second-most expensive housing
market last month as developers resold projects at discounted
prices to lure buyers. First-quarter home prices in the island-state slid for a second consecutive quarter, data released by
the URA on April 25 showed, after the government introduced loan
measures last June, widening a campaign that started in 2009 to
curb speculation in the Southeast Asian city.
“Developers have launched more projects last month and
that’s led to renewed buying activity as few were relaunched at
discounted prices,” said Nicholas Mak, an executive director at
SLP International Property Consultants in Singapore.
“Developers are pricing their projects more reasonably.”
Among the developers that began sales of their projects was
Hong Realty (Private) Ltd., which sold 590 of 600 units marketed
at its Coco Palms project in the east of the city-state,
according to the URA. Wealthall Development Pte started
marketing its condominium project selling 275 of 400 units
marketed, the data showed.
Under the loan measures, lenders must consider a borrower’s
debt when granting mortgages, the Monetary Authority of
Singapore said last June. Home loans should not lead to a
borrower’s total debt-servicing ratio rising above 60 percent
and those that do will be considered imprudent, it said.
Mortgage loan growth at 7.3 percent in April was the
slowest pace since June 2007, according to data compiled by
Bloomberg based on the latest central bank figures.
Singapore was the most-expensive city to buy a luxury home
in Asia after Hong Kong, property broker Knight Frank LLP said
in a wealth report in April.
To contact the reporter on this story:
Pooja Thakur in Singapore at
To contact the editors responsible for this story:
Andreea Papuc at
Tomoko Yamazaki, Iain McDonald
Singapore Home Sales in May Rise to Highest Since June 2013