Singapore Home Sales Climbed in November on New Projects

  • Developers marketed 759 units, up from 548 units in October
  • Prices have steadily declined since government property curbs

Singapore home sales rose to the highest in four months in November as new projects came to the market.

Developers sold 759 units last month, up 39 percent compared with October’s revised 548 units sold in October, according to data released Tuesday by the Urban Redevelopment Authority. That’s the highest since September, when 1,594 units were sold.

Despite this month’s increase, home-sales figures have trended downwards as property curbs by Singapore’s government cooled the market. The government has 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 fell about 4 percent last year, the first annual decline since 2008.

“There is a certain seasonality here,” said Nicholas Mak, an executive director at SLP International Property Consultants in Singapore. “In December, everyone goes on holidays. So, like 2013 and 2014, the November figures are relatively high and the December sales volumes will probably fall.”

City Developments Ltd., Singapore’s second-largest developer, last month called on the government to review property curbs “as soon as possible” after home prices dropped for an eighth consecutive quarter in the three months to the end of September, matching the longest losing streak in 13 years.

Among projects that attracted buyers in November was MCC Land (Potong Pasir) Pte’s The Poiz Residences, which sold 277 of the 350 units launched so far, the URA data showed. Sol Acres by MCL Land (Brighton) Pte sold 24 units.

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