SINGAPORE – New private home sales plunged to a five-year low last month and are expected to remain low in May as showflat galleries stay closed and new launches are pushed back further due to the extended circuit breaker.
Developers in Singapore sold 277 private homes last month, down 58 per cent from 660 homes in March, and 62.4 per cent lower year on year as the property market lay dormant. April’s sales figure was the lowest since December 2014 when 230 units were taken up.
This came even as more new private homes were launched for sale: 640 units in April, up 10.7 per cent from 578 in March, and 44 per cent higher than a year ago.
The figures, released by the Urban Redevelopment Authority (URA) on Friday (May 15), exclude executive condominium (EC) units, which are a public-private housing hybrid.
Including ECs, developers moved 293 units last month, down 67.6 per cent from March’s 904 units, and 60.7 per cent lower than the 746 units sold in April last year.
No new EC projects were launched in April.
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