Singapore developers sold 495 new private homes (excluding ECs) in August 2015, down 69.3 percent from the 1,594 units sold in the previous month, according to latest data from the Urban Redevelopment Authority (URA).
PropNex Realty attributed the decline in transaction volumes to the Hungry Ghost Festival which began on 14 August.
“With current housing policy remaining unchanged together with the ‘inauspicious’ Festival, many prospective buyers stayed away from the market,” noted the real estate agency.
At the same time, fewer units were launched in the market last month which contributed to poor sales.
Excluding ECs, developers launched just 598 new units for sale, down 59 percent from the 1,468 units launched in July.
Romesh Navaratnarajah, Singapore Editor at PropertyGuru, wrote this story. To contact him about this or other stories email romesh@propertyguru.com.sg
