Photographer: Darren Soh/Bloomberg

Singapore's February Home Sales Triple From Year Ago on Demand

  • Government eased some property-market curbs this month
  • Prices fell 3% in 2016 for third straight yearly decline

Singapore home sales in February more than tripled from a year earlier as developers marketed new projects to meet pent-up demand.

Developers sold 977 units last month, compared with a 382 revised units in January, according to data released Wednesday by the Urban Redevelopment Authority. The sales surged from 303 units in the year-earlier period and were the highest February sales since 2012, the data showed.

Developers offered 550 units last month, compared with 108 units in January, the data show. The largest sales came from The Clement Canopy by United Venture Development (Clementi) Pte, which sold 207 of the 250 units marketed. Parc Riviera by El Development (West Coast) Pte sold all 200 of the units it released last month.

Singapore rolled back some property curbs last week after a three-year decline in prices. The move is a relaxation of a raft of measures to cool home prices the government started to introduce in 2009, with some of the strictest restrictions imposed in 2013. Home prices fell 3 percent last year, and have declined for 13 quarters in a row -- the longest losing streak since the data was first published in 1975.

    Before it's here, it's on the Bloomberg Terminal.
    LEARN MORE