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Singapore’s Home Sales Drop May Curb Price Gains: Southeast Asia

Business Week
Singapore’s Home Sales Drop May Curb Price Gains: Southeast Asia - Singapore - home sales

Singapore’s biggest decline in home sales in 2 1/2 years may slow gains that pushed property prices to a record, easing concerns of further government curbs.

The island state’s private residential property sales dropped 17 percent to 5,572 units in the three months ended June 30 from the previous quarter, according to data released by the Urban Redevelopment Authority yesterday. That’s the biggest quarterly decrease since the three months ended December 2009.

“It’s an indication that things are slowing down,” Carolyn Goh, a spokeswoman at PropNex Realty, a Singapore-based real estate brokerage with 4,000 agents, said in an interview yesterday. “It looks like further cooling measures are unwarranted but it also depends on how the market responds in the second half.”


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