Singapore’s new home sales rebound in July

Singapore’s private home sales in July jumped 42 percent from June, reversing two straight monthly declines, data released on Wednesday by the Urban Redevelopment Authority showed.

Developers in Singapore sold 1,943 private residential units last month, excluding executive condominiums (ECs), a category of apartments reserved mainly for Singaporeans, up from 1,371 in June, the authority said. Including ECs, home sales in July rose nearly 20 percent to 2,067 units, Reuters reports.

In June, new private home sales excluding ECs fell 19.5 percent to 1,371 units while May saw a 31.5 percent drop.

Singapore’s home sales have remained firm despite government measures to cool the property market, partly because of strong underlying mass market demand.

According to the authority, private home prices in Singapore rose 0.4 percent quarter-on-quarter in the April to June period, reversing a 0.1 percent drop in the first quarter.

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Category: Society