- Developers marketed fewer projects in inauspicious month
- Sales have steadily declined since record reached in 2013
Singapore home sales fell in August as developers marketed fewer projects in a month considered inauspicious by Chinese homebuyers.
Developers sold 495 units last month compared with a revised 1,611 units in July, according to data released Tuesday by the Urban Redevelopment Authority. The seventh month of the lunar calendar year, known as the Hungry Ghost Month, is a time homebuyers avoid property purchases.
August’s numbers added to a slower trend in Singapore, where home sales dropped to a six-year last year as government curbs hurt demand. The city-state introduced curbs in 2009 as low interest rates and demand from foreign buyers raised concerns that the property market was overheating. Prices dropped for a seventh consecutive quarter in the three months to the end of June, the longest losing streak in 13 years, after surging 40 percent to a record in the five years through 2013.
The government’s curbs have 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.
Among developers that marketed new projects was Frasers Centrepoint Ltd.’s North Park Residences, which sold 15 of the 320 units offered, the data showed. High Park Residences by Fernvale Development Pte sold 76 of 95 units marketed.