Singapore Home Sales Surge to Highest in Almost Four Years

  • Government eased some property market curbs last month
  • Prices fell for a record 14th quarter, declining 0.5%

Visitors at the 50th floor skybridge of an apartment block take in a panoramic view of Singapore.

Photographer: Munshi Ahmed/Bloomberg

Singapore home sales surged to the highest monthly total for nearly four years in March, a month in which the government rolled back some property curbs following a three-year slide in prices.

Developers sold 1,780 units in March, the most in a month since June 2013 and more than double the 843 sold in the same period last year, according to data released Monday by the Urban Redevelopment Authority. A total of 1,527 units were offered, almost three times the 550 in February.

The largest sales came from Grandeur Park Residences in the city’s east, which sold 484 units of the 720 put up for sale, and Park Place Residences at PLQ, which sold all 217 units it placed on the market last month.

The government moved in March to relax a raft of measures to cool home prices -- steps it began implementing in 2009, with some of the strictest restrictions being imposed in 2013. Home prices fell 3 percent last year and have dropped for 14 straight quarters, the longest slide since the data were first published in 1975.

An index tracking private residential prices fell 0.5 percent in the three months ended March from the previous quarter, according to preliminary data from the authority. Home values have dropped 11.7 percent from their 2013 peak.

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