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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.