Singapore Home Sales Fall to 15-Year Low as Market Cools
Just 6,671 units were sold by developers last year, figures released by the Urban Redevelopment Authority showed Monday. December sales dropped to 135, less than a fifth of what was sold a month earlier.
The annual figure is down nearly 10% from the year before and is the lowest since 2008, providing further signs of a cooling market. Singapore has so far avoided the worst of a global housing downturn, but the sector is increasingly being dragged down by real estate purchasing curbs and a slowing economy.
External demand has been hit after the government doubled housing purchase taxes for foreigners to 60% last April. Citigroup Inc. expects developers’ margins from residential projects to decline further this year, partly due to a sizable pipeline of about 44 projects. Appetite for new homes will be tested further in January, with at least six launches slated for this month, according to real estate agency Huttons Group.
About Two Million Singaporeans to Receive Assurance Package Support in February
About two million Singaporeans will receive support through the Assurance Package Seniors’ Bonus and Assurance Package MediSave in February.
Around 850,000 lower-income Singapore citizens aged 55 years and above will receive the Assurance Package Seniors’ Bonus of S$200 (US$150) to S$300, said the Ministry of Finance on Monday (Jan 15).
The bonus will be paid to seniors living in properties with an annual value of up to S$25,000. MOF had said late last year that the annual value threshold would be raised to that value with effect from Jan 1, 2024.
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