Singapore’s private home sales fell in September from the previous month after a rebound in property prices and the introduction of government measures to prevent excessive price swings.
Sales declined to 1,143 in September from a revised 1,804 units in August, according to data on the Urban Redevelopment Authority’s Web site today. That’s still almost three times the number of homes sold in the same period a year earlier.
Singapore’s home sales climbed to more than 13,000 in the first three quarters of the year, compared with the 4,300 sold for the whole of 2008, calculations by Bloomberg show. The increase in demand has already lifted home prices, with an index of private residential property prices surging 16% last quarter.
The so-called take-up rate for these projects may exceed the historical high of 14,800 units in 2007, while home prices have started to increase “significantly” since June, National Development Minister Mah Bow Tan said last month. The government has said it will push more sites to be sold and bar interest- only mortgages for uncompleted projects.
About 1,413 new units were offered for sale last month. The Interlace, a project jointly developed by CapitaLand and Hotel Properties sold about 243 of the 360 units offered at a median price of $1,047 a square foot, according to the government agency.
Source : The Edge – 15 Oct 2009
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