SINGAPORE: Sales of new private homes fell 50.6 per cent year-on-year in August on the back of cooling measures introduced by the Government in July.
Excluding executive condominiums (ECs), developers sold 616 units in August, about half the 1,246 units sold in the same month a year earlier, according to data released by the Urban Redevelopment Authority on Monday (Sep 17).
AdvertisementOn a month-on-month basis, sales dropped 64.3 per cent in August from the 1,724 units sold in July this year, when buyers snapped up properties the night before the cooling measures took effect.
Including ECs, 639 units were sold in August, compared to the 1,587 units sold in August 2017 and the 1,776 homes transacted in July.
August is also a traditionally quieter period for the property market, with fewer launches due to the Hungry Ghost Festival.
Developers launched 534 new units in August, compared to the five-year high of 2,239 in July. No new ECs were launched last month.
AdvertisementAdvertisementOf the new units launched, 200 were at The Tre Ver, of which 164 units were sold.
The Government raised Additional Buyer's Stamp Duty rates and tightened loan-to-value limits on residential property purchases on Jul 5, after official data showed that private home prices had risen to its highest point in four years in the April to June quarter.
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