Mar 15, 2010- The Straits Times
Sales of private homes fall
By
Joyce Teo, Property Reporter
SALES of new, private homes totalled 1,196 units in February, down
from 1,480 units in January.
Developers launched 1,161 units in February, compared with
1,426 units in January, according to fresh data released by the Urban
Redevelopment Authority on Monday.
The top-selling project in February was a mass market
project in Yishun called The Estuary, with 386 units sold at a median
price of $757 per sq ft.
The January record-setting pact was the first time monthly
sales figures have risen since last July. January's sales were so
exuberant that buyers bought more units than the number launched by
developers that month. They also set a faster pace than the average
1,230 units sold per month in 2007 - a year which saw a record 14,811
new homes snapped up.
On Feb 19, the government moved to cool the property market
by introducing two measures. It imposed a a stamp duty to deter
short-term speculators, requiring sellers to pay a levy of about 3 per
cent if they offload a property within a year of purchase.
The Government also lowered the loan-to-value limit of
housing loans from 90 per cent to 80 per cent. This means buyers will
have to fork out more downpayment to buy a property.