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Singapore home project gets few buyers in weekend of tepid sales

Buildings in Singapore. Photographer: SeongJoon Cho/Bloomberg
Buildings in Singapore. Photographer: SeongJoon Cho/Bloomberg (Bloomberg)

By Low De Wei

(Bloomberg) — A private residential project in Singapore sold just three out of its 59 units put on the market last weekend, in yet another sign of the country’s cooling property sector.

The data, released by realtor Huttons Asia Pte, means there was just a 5% take-up for The Hillshore, a condominium in the south of the island being developed by Singapore-based FRX Capital Pte.

Singapore’s residential boom is losing steam after multiple government curbs, high interest rates and the nation’s largest money laundering scandal hurt sentiment. Hopes for a recovery had risen after sales of new private homes last month climbed to the highest since November.

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But that may have been a one-off. Also last weekend, another residential project in the country’s south only sold about a third of its 142 units up for grabs.

Demand for that project, backed by Kingsford Development Pte, a developer founded by China-born businessman Cui Zhengfeng, reflected the new makeup of the current market. Huttons said that apart from Singapore citizens, buyers also included Chinese nationals with permanent residency and Americans — neither of which need to pay a 60% stamp duty imposed on foreigner purchases last year.

©2024 Bloomberg L.P.