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Singapore home sales fell to 4-month low in October

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Urban Redevelopment Authority data shows only 928 units were sold versus 1,270 a month earlier. FMTNews Singapore

Private property prices rose more than initially estimated in the 3rd quarter. Developers in the city-state sold 928 units last month versus 1,270 dwellings in September, Urban Redevelopment Authority data released Friday showed.In October, there were 892 units launched versus 1,714 apartments in September, a significant drop of fresh supply into the market.

Residential values increased 1.3% in the three months ended Sept 30, data released last month showed. Developments with the biggest number of apartment launches in October included Parc Esta, Stirling Residences and Treasure at Tampines.Despite the sales drop, analysts said demand for private apartments is still reasonably stable given the tight labour market, favourable interest rate environment and relatively healthy household balance sheets.

“If the healthy buying demand were to continue, the supply of newly released residential units will gradually be absorbed, barring any unexpected market shocks,” Mak said.

 

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