Private home market picked up in September: URA

SINGAPORE — The private property market in Singapore picked up momentum in September, with sales of new residences exceeding 1,000 units for the first time since June, figures released by the Urban Redevelopment Authority revealed today (Oct 16). According to the figures, 1,246 new private homes were sold last month, a big increase from the 756 sold in August and the 482 in July. It was also the highest number of sales since June, when 1,806 new homes were snapped up. The property market has been getting to grips with a number of measures introduced this year which have had a cooling effect on the market. The most recent of these was the Total Debt Servicing Ratio (TDSR) which came into effect in June. Under the (TDSR) framework, banks have to ensure housing loans they grant do not push a borrower’s total debt obligation above 60 per cent of his or her gross monthly income. Property analysts have highlighted the significance of this measure in taking some heat out of the property market.