Singapore’s property market-cooling measures appear to have succeeded in tempering demand.
Urban Redevelopment Authority (URA) data on Friday showed that 911 private homes were sold in September, a 27% on-month drop from the 1,248 units sold in August.
The 911 units sold were also the second lowest monthly sales this year, behind June’s figure of 847 units.
The drop follows Singapore government’s latest round of cooling measures that took effect on 30 August.
Among the measures unveiled was that buyers are barred from owning both an HDB flat and a private home within the Minimum Occupation Period.
Property buyers also have to pay more money upfront, with the minimum cash payment raised from 5% to 10% of the valuation limit.
Source : Channel NewsAsia – 15 Oct 2010