Singapore Property News

Singapore sales peak despite government slowdown bids

Singapore’s residential sales have reached their highest in 36 months, as a result of lower interest rates and an optimistic outlook, according to the government’s Urban Redevelopment Authority.

The country saw an upsurge of 2,621 sales in September compared to the previous month’s total of 1,427 – an 84% increase. This was the highest recorded monthly sales total since July 2009.
The amount of sales so far in 2012 is 18.248 units, beating the record full-year total of 16.369 in 2011.

Prices have significantly increased since Q2 2009, when the market suffered a slump.
An increase of 56% has occurred due to factors such as record low interest rates, low unemployment and an influx of foreign buyers.

The market’s continued growth has led the government to threaten further slowdown measures.
Demand is expected to remain strong despite existing lending restrictions, and efforts to reduce loan periods.

“Buying interest remains positive despite the imposition of the measures,” said Ong Teck Hui, of Jones Lang LaSalle.