SINGAPORE – Sales of private homes by developers in Singapore fell 57.3 per cent in December from a month earlier, dropping to the weakest levels in 10 months, government data showed on Monday. Data compiled by the Urban Redevelopment Authority showed developers sold 367 units last month, compared with 860 units in November. That was the weakest since 303 units in February 2016. The level of sales fell 4.4 per cent from a year earlier, from 384 units sold in December 2015.
Multiple cooling measures and loan curbs since 2009 have had the intended effect of bringing housing prices down, with values softening further in the last three months of 2016 to take the longest falling streak on record to 13 consecutive quarters, flash estimates by the URA showed earlier this month. From the recent peak in the third quarter of 2013, prices have fallen 11.2 per cent.
Last year’s annual increase came despite a weak showing in December, when sales plunged 57.3 per cent month-on-month to 367 units due to the seasonal year-end lull, the lowest since February’s 303 units. Compared to the same period a year ago, last month’s figure was 4.4 per cent lower.