SINGAPORE (Aug 15): Private home sales in Singapore soared to the highest in 16 months in July as buyers rushed to snap up properties hours before curbs aimed at quelling speculation came into effect.

Developers sold 1,724 units last month, the Urban Redevelopment Authority said in a statement Wednesday. That’s more than double the 654 units sold in June and the highest since March 2017.

The government took renewed steps last month to cool Singapore’s property market after home prices posted a second-straight quarter of strong gains, fuelled by aggressive land bids from developers and so-called en-bloc transactions, which is where a group of owners band together to sell entire apartment buildings. Changes to additional buyer’s stamp duty and loan-to-value limits were announced at around 7 pm local time on July 5 and came into force at midnight.

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