New home sales down 57% y-o-y

PropertyGuru

15 June 2015 at 3:58 am

Singapore developers sold 638 new private homes excluding executive condominiums (ECs) in May 2015, down 57 percent from the 1,488 units taken up in the same month last year, according to fresh data from the Urban Redevelopment Authority (URA).

Month-on-month, the sales volume fell 45 percent in May from the 1,167 units sold in the month before.

Excluding ECs, there were 499 units launched for sale by developers last month.

Home buying sentiment in Singapore remains subdued due to various downside headwinds, noted PropNex Realty in a report. "These include the continued enforcement of cooling measures amid the tightened credit environment, a mounting supply of new homes, a less buoyant leasing market and the impending rise in interest rates.

"These are expected to persist throughout the year amid uncertainty in the global economic arena."

The property agency expects developer sales volume for 2015 to reach about 8,000 units.

Romesh Navaratnarajah, Singapore Editor at PropertyGuru, wrote this story. To contact him about this or other stories email romesh@propertyguru.com.sg