Singapore home sales rise 13pc in November

PUBLISHED : Tuesday, 17 December, 2013, 3:22am
UPDATED : Tuesday, 17 December, 2013, 3:22am

Singapore's home sales rose 13 per cent in November from a year ago, as developers marketed new projects, ending four months of declines that followed loan measures to curb property prices.

Home sales rose to 1,228 units last month compared with 1,087 in November 2012, according to data from the Urban Redevelopment Authority released yesterday. From the previous month, sales increased 15 per cent, the data showed.

"There have been a few major project launches in November and aggressive marketing by developers," said Nicholas Mak, an executive director at SLP International Property Consultants. He said the increase in sales last month was due to the sale of 94 per cent of the homes marketed.

Home sales rebounded last month after declining in the previous four months compared with year-ago figures after the government imposed new rules in June governing how financial institutions grant property loans to individuals.

Among the developers that began sales of their projects was Ophir-Rochor Residential, which sold 600 of 660 units marketed at its Duo Residences, in the central area. Singland Homes (Alexandra) sold 171 of 200 units at its Alex Residences project.

Record home prices amid low interest rates raised concerns of a housing bubble and prompted the city state to introduce new taxes and higher minimum down payments since 2009 to curb speculation in Asia's second-most expensive housing market.

Home prices rose at the slowest pace in six quarters in the three months to September 30, according to figures released in October by the authority on October 25.

Singapore's private residential property price index rose 0.4 per cent to a record 216.2 points in the three months ended September 30, after climbing 1 per cent in the second quarter. That was the smallest gain since the first quarter of 2012, when the index dropped 0.1 per cent.