Singapore September Home Sales Drop to Lowest Level This Year

  • Prices have steadily declined since record reached in 2013
  • The government introduced curbs in the last few years

Singapore home sales dropped to their lowest this year in September as developers marketed fewer projects.

Developers sold 341 units last month compared with a revised 513 units in August, according to data released Thursday by the Urban Redevelopment Authority.

Prices, which reached a record in the third quarter of 2013, dropped for an eighth consecutive quarter in the three months to the end of September, matching the longest losing streak in 13 years, as tighter mortgage curbs cooled demand in Asia’s second-most expensive housing market.

The city-state introduced measures in 2009 after low interest rates and demand from foreign buyers raised concerns that the property market was overheating. 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 new projects was UOL Development Ltd.’s Botanique at Bartley, which sold 38 of the 200 units offered, the data showed. High Park Residences by Fernvale Development Pte sold 46 of 95 units marketed.

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