Less private home launches as property market slows down

There are more signs that Singapore’s property market is slowing down.

Latest numbers from the Urban Redevelopment Authority (URA) show that developers launched just 410 new housing units in January – that is 16 percent less than the number of units launched in December, which was also a quieter month.

Industry watchers said market sentiments have cooled due to the sub-prime crisis and global economic slowdown.

In fact, private home sales in Singapore were at a standstill in January, with developers selling 328 private homes last month.

A unit at Scotts Square at Scotts Road commanded the highest price of S$3,671 per square foot.

At the lowest end, 12 units at La Casa in Woodlands Drive fetched between S$537 and S$601 per square foot.

While last year’s property boom is not expected to be repeated, analysts do expect the market to pick up again in the second quarter. – CNA/so

Source : Channel NewsAsia – 15 Feb 2008

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