Singapore Home Sales Plunge as Developers Market Fewer Projects

(Bloomberg) -- Private home sales in Singapore slumped 48 percent in October from the month earlier as developers marketed fewer projects.

• Developers in the city-state sold 487 units last month versus 932 apartments in September, the Urban Redevelopment Authority said in a statement Thursday. That’s the lowest monthly tally since February.

Key Insights

• One of the main reasons for the decline is that home builders simply aren’t bringing new projects to market as quickly. The total number of apartments launched for sale last month was 202, compared with 1,169 in September
• A softening in home prices could also be partly to blame. An index tracking private residential prices increased 0.5 percent in the three months ended Sept. 30 versus a 3.4 percent advance in the June quarter, URA data show.

Get More

• Link to story on September home sales, click here
• Singapore’s Public Housing, Envy of World, Hits Rough Patch (2)

To contact the reporter on this story: Pooja Thakur in Singapore at pthakur@bloomberg.net

To contact the editors responsible for this story: Katrina Nicholas at knicholas2@bloomberg.net, Peter Vercoe

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