Singapore Home Sales Rise a Third Month; Recession Damps Outlook

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Singapore home sales rose for a third straight month in July as the city recovered from lockdown, but a prolonged recession threatens to halt a property-market recovery.

The number of new units sold rose 8% to 1,080 last month from 998 in June, according to Urban Redevelopment Authority data released Monday. That’s the most since November, and up from a near six-year low in April during the height of the lockdown.

With the city-state heading for its worst recession on record, a recovery in the property market could be slowed depending on how quickly the broader economy can pick up. The government forecasts the economy will shrink between 5% and 7% this year, and will later Monday announce its fifth stimulus package.

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