Sales of new private homes in Singapore plunged in the first quarter of the year along with a dip in prices, amid disruption from the COVID-19 pandemic, data showed on Fri. Expectations are that the private property market will deteriorate even further, as the “circuit breaker” measures take hold. Developers sold 2,149 homes (excluding ECs) in the first three months of the year, down 12 per cent from 2,443 units in the fourth quarter of last year, according to data from URA. This came on the back of fewer launches: Developers released 2,093 homes for sale in the Jan to Mar period, compared with 2,226 units in the previous three months. Along with the fall in take-up, private home prices declined 1 per cent, slightly better than the -1.2 per cent flagged in the flash estimates released earlier this month. This compares with the 0.5 per cent increase in the previous quarter. “Ever since COVID-19 reached Singapore shores and worsened, property buyers have turned opportunistic, prudent and highly price-sensitive,” said property analyst Ong Kah Seng.... Continue Reading