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Singapore's Home Sales Gain With Annual Tally Highest Since 2013

By Pooja Thakur Mahrotri

/ Bloomberg |

December 15, 2017 4:17 PM SGT

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Singapore’s home sales rose in November, extending gains for a year that is already the best since 2013, as developers marketed more projects.

Developers sold 785 units last month, up from a revised 760 in October, according to Urban Redevelopment Authority data released Friday. They also launched more units, 450 versus 242, the data showed.

Singapore’s property market is turning around, with home prices climbing again after a record run of declines and developers aggressively bidding for land. Still, the country’s central bank last month flagged the risk that rising vacancies amid slowing population growth may undermine a residential property recovery.

The regulator “will continue to monitor market developments and where necessary, take appropriate actions to maintain a stable and sustainable property market,” the Monetary Authority of Singapore said in its annual financial stability report.

Companies launched new projects included Parc Botannia that sold 253 of 357 units marketed. Overall, Singapore developers have sold about 10,245 units this year through November.

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