Photographer: Darren Soh/Bloomberg

Singapore Home Sales Up 35% as New Projects Are Launched

  • July sales rose as 692 new units were put on market last month
  • City-state’s home values have dropped 12% from 2013 peak

Singapore home sales rose 35 percent in July, as more new projects were launched.

Developers sold 1,108 units last month, compared with 820 in June, according to Urban Redevelopment Authority data released Tuesday. A total of 692 new units were offered, up from 159 in June, the data showed.

Singapore’s leaders, determined to keep a lid on home prices in the city-state, have unleashed a series of cooling measures since 2009. The government in March rolled back some property-market restrictions for the first time in eight years, although it has also cautioned that those adjustments don’t signal an unwinding of the measures.

Property prices have dropped for 15 straight quarters, the longest slide since the data were first published in 1975. An index tracking private residential prices fell 0.1 percent in the three months ended June 30 from the previous quarter. Home values have dropped 12 percent from their 2013 peak.

Read more: A QuickTake Q&A on Singapore’s property market

Developers are seeing signs of a recovery. CapitaLand Ltd. Chief Executive Officer Lim Ming Yan this month said the residential property market is “bottoming out,” while City Developments Ltd. Executive Chairman Kwek Leng Beng said the “heartbeat” of Singapore’s residential property market appears to be getting stronger.

Projects launched last month include Martin Modern, which sold 109 of 120 units marketed, while Symphony Suites sold 73 units last month.

(Corrects number of units at Martin Modern in final paragraph of story published Aug. 15.)
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