SINGAPORE: Private home sales by developers in Singapore surged 55 per cent in July from a year earlier, likely boosted by panic buyers who rushed to snap up properties the night before new cooling measures took effect early last month.
Excluding executive condominiums (ECs), developers sold 1,724 units last month, compared with 1,112 units in the same month a year earlier, data compiled by the Urban Redevelopment Authority showed.
AdvertisementCompared to the previous month, transactions were more than double June's 654 units.
Including ECs, 1,776 units were sold in July, a large jump from the 706 sold the previous month, but a drop from the 2,092 homes sold in July last year.
The July jump came after the Government introduced additional property cooling measures in the first week of the month, including raising Additional Buyer's Stamp Duty rates and tightening loan-to-value limits on residential property purchases.
Showrooms extended their opening hours and several developers brought forward their launches as scores of potential buyers flooded showflats in the hope of making their purchase before the measures took effect.
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