New private home sales in Singapore remained in the doldrums in January, as developers held back launches and lending restrictions depressed demand.
According to data from the Urban Redevelopment Authority (URA), developers sold just 565 new private homes last month, up from December’s four-year low of 259 units.
Last month’s figure was, however, well below the 2,028 units sold in January 2013.
Singapore’s residential property market has slowed since the middle of last year, following moves by authorities to cap the amount of money people can borrow.
Investors are also concerned about the upcoming supply of new units, and property analysts say private home prices could fall by as much as 15 percent this year.
In the final quarter of 2013, private home prices fell 0.9 per cent from the previous three months — the first decline in nearly two years.
Developers in Singapore sold around 15,000 new homes last year, some 30 per cent down from 2012.
Source : Channel NewsAsia – 17 Feb 2014