Bloomberg News

Singapore April Home Sales Climb to Highest in Three Years

May 15, 2012

Singapore’s April private home sales climbed to the highest in almost three years, boosted by purchases in the suburban areas of the island city.

Private home sales rose 3.9 percent to 2,487 units last month from 2,393 units in March, the highest since July 2009, according to data from the Urban Redevelopment Authority.

Home sales remained above 2,000 units in each of the past three months as buyers invested in so-called shoebox apartments. Singapore may introduce measures to regulate the sale of such homes after a record number of these units were sold in the first quarter, Khaw Boon Wan, Singapore’s National Development minister, said yesterday.

Singapore’s private residential property price index declined 0.1 percent to 206 points in the three months ended March 31 from the previous quarter, according to data by the authority. Homes priced below S$750,000 ($596,777) contributed 42 percent of new sales last quarter. In the previous three months, those houses accounted for 25 percent.

Developers sold 1,764 shoebox apartments, or those that are less than 50 square meters (538 square feet), in the three months ended March 31, the most since the Urban Redevelopment Authority began collating the data in 2007.

Home sales climbed to 6,458 units in the quarter, according to the data. Prices rose 1.1 percent for the mass market in the same period, the authority said.

Katong Regency in eastern Singapore contributed to the most sales last month, with 244 units, according to the government data. Sales were also boosted by the Ripple Bay development at Pasir Ris, while CapitaLand Ltd. (CAPL) sold 131 units of its Moshe Safdie-designed Sky Habitat, a 509-unit project in Bishan, a suburb in the central part of the island.

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

To contact the editor responsible for this story: Andreea Papuc at apapuc1@bloomberg.net


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