S’pore home sales up 35% in July as new projects launched

SINGAPORESingapore home sales rose 35% in July, as more new projects were launched.

Developers sold 1,108 units last month, compared to 820 in June, according to Urban Redevelopment Authority data released yesterday. A total of 692 new units were offered, up from 159 in June, the data showed.

Singapore’s leaders, determined to keep a lid on home prices in the citystate, have unleashed a series of cooling measures since 2009. The government in March rolled back some property-market restrictions for the first time in eight years, although it has also cautioned that those adjustments don’t signal an unwinding of the measures.

Property prices have dropped for 15 straight quarters, the longest slide since the data were first published in 1975. An index tracking private residential prices fell 0.1% in the three months ended June 30 from the previous quarter. Home values have dropped 12% from their 2013 peak.

Developers are seeing signs of a recovery. CapitaLand Ltd CEO Lim Ming Yan this month said the residential property market is “bottoming out,” while City Developments Ltd executive chairman Kwek Leng Beng said the “heartbeat” of Singapore’s residential property market appears to be getting stronger.

Projects launched last month include The Martin Modern, which sold 109 of 120 units marketed, while Symphony Suites sold 73 units last month. — Bloomberg