Singapore apartment sales dip 4.8% in August

Singapore last month slightly lowered, on average, the charges that developers must pay to enhance the use of certain property sites, or build bigger projects on them. (AFP pic)

SINGAPORE: Private home sales in Singapore slipped 4.8% in August even as developers launched more units than the previous month.

Developers in the city-state sold 1,122 apartments last month versus 1,179 in July, according to data from the Urban Redevelopment Authority released Monday.

July’s level was the highest since November as a broader economic slowdown spurred investors to park their money in a property market known as a safe haven.

Colliers International Group Inc had said last month that sales would probably dip in August before picking up in September and October as new projects come to market.

Colliers expects private home prices will rise just 1% this year given Singapore’s economic growth forecast of 0% to 1%.

Singapore last month slightly lowered, on average, the charges that developers must pay to enhance the use of certain property sites, or build bigger projects on them.

That could have the effect of spurring activity as home builders are incentivized to rejuvenate certain areas.