Singapore, 15 May 2023 New private home sales hit a seven-month high in April, powered by a strong take-up at two major city fringe projects – one of which was launched just days after a surprise round of property cooling measures took effect on April 27.
New private home sales, excluding executive condominiums (ECs), surged 80.3 per cent from 492 units in March to 887 units in April – the strongest monthly performance since September 2022 when 987 new homes were transacted.
Demand for tiny units to live in or for local investment appears firm despite the latest property curbs, as 120 or nearly 59 per cent of 205 units sold at Blossoms by the Park were below 70 sq m, OrangeTee & Tie’s senior vice-president of research and analytics Christine Sun said.
“The new cooling measures may not stop local buyers, especially first-timers unaffected by the higher additional buyer’s stamp duty (ABSD) rates. Some buyers even expect prices to rise further, should interest rates moderate and if employment remains stable,” she added.