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Singapore’s home sales slow for third straight month

SINGAPORE: The city state’s private home sales slowed for a third straight month after a rebound in property prices and the introduction of government measures to prevent excessive price swings.

Sales fell to 811 units in October from 1,143 in September, according to data on the Urban Redevelopment Authority (URA)’s website on Nov 16. That’s still higher than the 118 homes sold in the same month a year earlier.

Transactions have declined since peaking in July after rebounding demand and improving economic conditions boosted sales in the seven months to end-July to 10,000 units. The increase prompted the government to say it will sell more land sites and ban interest-only mortgages for uncompleted homes as part of measures to prevent excessive price swings.

Home prices rose 15.8% in the third quarter, the first increase in more than a year and the biggest quarter-on- quarter gain in 28 years, the URA said last month.

Singapore will sell eight sites and offer a further 34 properties on a reserve list in the first half of 2010, the government said on Nov 6. The 42 land parcels include 24 residential properties and two mixed-use sites where private homes can be built.

Cyan, a development by privately held Far East Organization, was among the top sellers last month, with 81 of the 90 units offered for sale during the month finding buyers, the government authority said.

City Developments Ltd’s Hundred Trees sold 52 units, boosting the overall number of homes sold at the project to 372, while sales at The Interlace, a project jointly developed by CapitaLand Ltd and Hotel Properties Ltd, totalled 14 last month, according to the website.

City Developments gained 3.2% to S$10.34 (RM25.12) at the trading break in Singapore, while CapitaLand climbed 2.4% to S$4.23. – Bloomberg LP
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