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Singapore residential sales rises to highest since March record
A general view of private condominiums at Tanjong Rhu in Singapore in this March 15, 2013 file photo. u00e2u20acu201d Reuters pic

SINGAPORE, July 15 — Singapore’s June home sales rose for a second month to the highest since a March record as developers marketed new projects, according to the Urban Redevelopment Authority.

Home sales rose 24 per cent to 1,806 units last month from a revised 1,459 units in May, the authority said today. That’s the highest since an all-time high of 2,793 units in March.

Record home prices amid low interest rates raised concerns of a housing bubble and prompted the government to widen a four-year campaign in January to curb speculation prices in Asia’s second-most expensive housing market. Singapore on June 28 unveiled new rules governing how financial institutions grant property loans to individuals, extending efforts to curb excessive price increases.

The island state’s private residential property price rose 0.8 per cent to 214.9 points in the three months ended June 30, extending a 0.6 per cent increase in the first quarter, according to preliminary estimates released by the authority on July 1. The pace of gain in suburban prices more than doubled from the previous three months.

Singapore has been attempting to rein in prices since 2009, when the government barred interest-only loans for some housing projects and stopped allowing developers to absorb interest payments for apartments still being built.

In January, the government introduced the seventh round of curbs in about four years, including an increase in stamp duties for homebuyers by 5 percentage points to 7 percentage points. — Bloomberg

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