February 04, 2012 -- Updated August 23, 2010 10:07 HKT
Singapore’s private home market calmed in Q-2
The private residential market in Singapore, soaring in tandem with the galloping economy, has cooled in the second quarter due to global uncertainty, local radio 938 Live reported on Monday.
According to property consultant DTZ, market activity has slowed in May and June due to a combination of European debt woes, local stock market jitters and increased land supply.
New private home sales fell by 8% to 4,033 units in the 2nd Q running, as developers slowed the pace of launches because of the subdued sentiment.
However, luxury homes transactions continued to rise in the quarter as the share of purchases for units that are at least 3M Singapore$ (US$2.21M) edged up to 10% of all transactions. This is a shade higher than the previous Q’s proportion of 9%.
Most of the transactions amounting to 3M Singapore$ and above were homes in the prime districts.—Paul A. Ebeling, Jnr. www.livetradingnews.com
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