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New private property sales sink below 500 units in March

SINGAPORE — The private property market sank back into the doldrums in March with just 480 new private residential units being sold, a sharp fall from the 724 which developers managed to offload the previous month.

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SINGAPORE — The private property market sank back into the doldrums in March with just 480 new private residential units being sold, a sharp fall from the 724 which developers managed to offload the previous month.

The decline in sales came even as developers launched more units onto the market, with 724 homes being offered for the first time in March, up from the 691 in February, according to the data released today (April 15) by the Urban Redevelopment Authority.

On an on-year basis, the decline in sales was even more pronounced: in March last year, 2793 new units were sold.

New private property sales have remained muted in recent months following the introduction of a number of measures which have cooled the market, with analysts suggesting that the Total Debt Servicing Ratio has played a key role in putting the brakes on demand.

There was only one major launch last month, with The Santorini at Tampines offering 597 units of which only 76 were sold.

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