Singapore Property News

Singapore house sales rise 42% in July

Residential property sales in Singapore increased by 42% in July compared to June, according to data released by the Urban Redevelopment Authority.

Demand for new condominiums in the suburbs is a reason cited for the highest sales figures in three months, with 1,943 units sold.

“Sales last month were aided by new launches which were reasonably priced,” said Nicholas Mak, executive director at SLP International Property Consultants, a real estate consulting company in Singapore, as reported by Gulf News.

“We are fast approaching the record annual primary market sales this year and should cross 20,000 units,” he said.

The news comes after sales slumped to their lowest in 2012 in June, with only 1,371 units sold, which led to speculation that Singapore’s attempt to rein in swelling house prices had unsettled the market.