Singapore Home Sales Climb in September on New Projects

  • Developers sold 509 units last month versus 468 in August
  • Home prices are down 11% from the peak in September 2013

Singapore home sales rose in September as developers marketed more projects after a lull in sales in August, a month considered inauspicious by Chinese homebuyers.

Developers sold 509 units last month, compared with a revised 468 units in August, according to data released Monday by the Urban Redevelopment Authority.

Singapore’s government has been steadfast in its commitment to cool the housing market, maintaining real estate curbs rolled out since 2009 even as the city-state’s home prices dropped for a 12th quarter. An index tracking private residential prices fell 1.5 percent in the three months ended Sept. 30 from the previous quarter, the most in more than seven years, according to preliminary data from the Urban Redevelopment Authority on Oct. 3. Residential values are down 11% from their peak in September 2013.

The existing stock of unsold homes may take three years to sell, according to Augustine Tan, President of the Real Estate Developers’ Association of Singapore. In addition to the oversupply, home vacancy rates are at their highest in more than 11 years, Tan said in September.

Among developers that marketed new projects was MCL Land Pte’s Lake Grande project, which sold 29 of 210 units offered, the data showed. Sims Urban Oasis Pte sold 17 of 50 units offered.

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