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Singapore home sales fall 21% in June as fewer projects launched

Bloomberg Published on Mon, Jul 17, 2017 / 2:45 PM GMT+8

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SINGAPORE (July 17): Singapore home sales fell 21% in June from the previous month as fewer new projects were launched in the city-state.

Developers sold 820 units last month, compared with a revised 1,039 in May, according to Urban Redevelopment Authority data released on Monday. A total of 159 units were offered, down from 370 in May, the data showed. Developer sales have fallen below 1,000 units for the first time in four months, following an increase after the government in March tweaked some of its property curbs.

Singapore’s leaders, determined to keep a lid on home prices in the city-state, have unleashed a series of measures to cool the market since 2009. The government in March rolled back some property-market restrictions for the first time in eight years, although it has also cautioned that those adjustments don’t signal an unwinding of the measures.