Loan curbs drive new home sales down 73%

SINGAPORE — Sales of new private homes in Singapore plunged in July, figures from the Urban Redevelopment Authority (URA) showed today (Aug 15). Just 481 units of new homes — excluding Executive Condominiums (ECs) — were sold last month, down 73 per cent from the 1,806 sold in June. Market watchers had anticipated the sharp drop in sales transactions on the back of new loan curbs introduced on June 29 and the lack of major new project launches in July. The top-selling project during the month was Vue 8 Residence in Pasir Ris which moved 63 units, followed by Bartley Ridge at Mount Vernon Road with 25 units sold. Including ECs, 593 new homes were sold in July, down from 2,119 units transacted in the previous month. The best selling EC project was Forestville at Woodlands which sold 78 new units. Developers launched a total of 557 new units last month, compared to 2,421 units placed for sale in June. CHANNEL NEWSASIA