Singapore, 17 Apr 2023 New private home sales rose in March for a third straight month, bolstered by new suburban launch The Botany at Dairy Farm. But overall sales fell year on year as some buyers turned cautious amid record-high interest rates and a slowing economy, while others held off in anticipation of more new launches.
Another indication of slower demand is the take-up rate for the first quarter, which stood at 95.1 per cent, below parity for the first time since first quarter 2021, said Mr Nicholas Mak, chief research officer of Mogul.sg.
Ms Christine Sun, senior vice-president of research and analytics at OrangeTee, said “the current buying trend seems to be more supply-led rather than demand-driven, depending on what projects are released that month”.