New private home sales plunge in March

Sales of private homes by developers in Singapore fell 35 per cent in March from February, data compiled by the Urban Redevelopment Authority (URA) showed on Tuesday.

Developers only managed to sell 480 units last month, down from 739 units in February.

From a year ago, new private home sales plunged 83 per cent from March 2013’s 2,793 units.

Transactions in Singapore’s housing market have fallen sharply over the past year, hurt by measures to cool the residential sector.

According to flash estimates from URA, private home prices fell 1.3 per cent quarter-on-quarter during the first three months of 2014 after declining by 0.9 per cent in the last three months of 2013.

Source : Channel NewsAsia – 15 Apr 2014

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