Singapore March Home Sales Climb 57 Percent on New Projects

Singapore home sales in March rose 57 percent from a month earlier as more new projects were offered.

Developers sold 613 units last month compared with a revised 390 units in February, according to data released Wednesday by the Urban Redevelopment Authority. That’s the most in five months, the data showed. Home sales dropped to a six-year low in 2014 as property policies hurt demand. They fell by half to 7,316 units last year from 2013, the lowest since 2008, according to data from the authority.

Among companies that put up developments for sale in March was Kingsford Development Pte, which sold 155 of 314 units across the city, according to data from the authority. Sims Urban Oasis Pte, sold 107 units in the city’s east.

The government began introducing residential property curbs in 2009 as low interest rates and demand from foreign buyers raised concerns that the property market was overheating. They included a cap on debt repayment costs at 60 percent of a borrower’s monthly income, higher stamp duties on home purchases and an increase in real estate taxes.

Prices surged 40 percent in the five years to 2013 to a record. They fell 4 percent in 2014, the URA figures showed.

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