Signs of a cooling in Singapore’s red-hot property market, which has seen double-digit falls in new home sales, do not have analysts concerned – they expect the real estate sector to remain resilient this year thanks to strong demand from a growing population and low borrowing rates.
New private home sales plunged for a second month running in June, dropping 19.4 percent month-on-month to 1,372 units, after falling 31.6 percent in May from April.
“The softening in demand was caused by fewer launches of large projects in recent months. In Singapore, supply creates demand. If you build, they (buyers) will come,” said Alan Cheong, research head at Savills Singapore. Full story
