Singapore home sales in May fall 34%

SINGAPORE • Singapore home sales fell 34% in May as fewer new projects were launched.

Developers sold 1,024 units last month, compared to a revised 1,558 in April, according to Urban Redevelopment Authority (URA) data released yesterday. A total of 339 new properties were offered, down from 1,616 in April, the data showed.

Developers have still notched sales of more than 1,000 units a month for the past three months, after the government in March relaxed a raft of measures to cool home prices.

Property prices fell 3% last year and have dropped for 14 straight quarters, the longest slide since the data were first published in 1975.

An index tracking private residential prices fell 0.4% in the three months ended March 31 from the previous quarter, according to data from the URA on April 28. Home values have dropped 11.6% from their 2013 peak.

The largest sales last month came from Parc Riviera, which sold 83 units, while Stars of Kovan sold 16 of 70 units available. — Bloomberg