Singapore Home Sales Fall 21% in June as Fewer Projects Launched

(Bloomberg) -- Singapore home sales fell 21 percent in June from the previous month as fewer new projects were launched in the city-state.

Developers sold 820 units last month, compared with a revised 1,039 in May, according to Urban Redevelopment Authority data released on Monday. A total of 159 units were offered, down from 370 in May, the data showed. Developer sales have fallen below 1,000 units for the first time in four months, following an increase after the government in March tweaked some of its property curbs.

Singapore’s leaders, determined to keep a lid on home prices in the city-state, have unleashed a series of measures to cool the market since 2009. The government in March rolled back some property-market restrictions for the first time in eight years, although it has also cautioned that those adjustments don’t signal an unwinding of the measures.

Property prices have dropped for 15 straight quarters, the longest slide since the data were first published in 1975. An index tracking private residential prices fell 0.3 percent in the three months ended June 30 from the previous quarter, according to preliminary data from the authority on July 3. Home values have dropped 12 percent from their 2013 peak.

Projects launched last month include The Clement Canopy, which sold 13 of 50 units marketed, while Hillion Residences sold 12 of 50 units it placed on the market.

To contact the reporter on this story: Pooja Thakur in Singapore at pthakur@bloomberg.net.

To contact the editors responsible for this story: Sree Vidya Bhaktavatsalam at sbhaktavatsa@bloomberg.net, Robert Olsen

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