SINGAPORE Aug 17 Private home sales in
Singapore soared to a record high for the second straight month
in July, indicating increased confidence and speculation in the
city-state's property market, government data showed on Monday.
The Urban Redevelopment Authority (URA) website showed
developers sold 2,767 private homes in July, smashing the
previous monthly record of 1,825 units that was set in June.
Mohamed Ismail, CEO of PropNex, a real estate broker, noted
that over 40 percent of sales involved mid to higher-tier homes
costing above S$1,000 ($692) per square foot, indicating the
boom was no longer restricted to cheaper apartments.
The higher selling prices were also "a result of developers
reacting to consumers' demand and raising the prices," he
The URA data showed that City Developments (CTDM.SI),
Fraser & Neave's (FRNM.SI) property arm Frasers Centrepoint and
banker Wee Cho Yaw's UOL Group (UTOS.SI) were among developers
with the largest number of sales.
National Development Minister Mah Bow Tan said last month
that there were signs of speculation in Singapore's property
market and warned the government may step in to calm the
market. For stories on concerns about asset bubbles, see
Private home sales in Singapore, Hong Kong and China have
soared since February this year, despite the weak global
economy, helped by low interest rates and the huge amount of
savings amassed by many households.
(Reporting by Kevin Lim; Editing by Neil Chatterjee)