Singapore Home Sales Growing Again

Singapore’s March home sales rebounded from a 14-month low as more developers started marketing new housing projects, defying the government’s cooling measures earlier this year to tame record prices.

Home sales rose to 2,793 units in March from 712 in February, according to data released by the Urban Redevelopment Authority today.

Prices climbed at the slowest pace in three quarters, a government report on April 1 showed. The latest measures, the seventh round of curbs in about four years, included an increase in the stamp duties for homebuyers by 5 percentage points to 7 percentage points.

The island-state’s private residential property price index rose 0.5 percent to a record in the three months ended March 31, easing from a 1.8 percent increase in the fourth quarter, according to preliminary estimates released by the authority. The advance was the smallest since the second quarter last year.

Bloomberg

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