SINGAPORE, Aug. 23 -- The private residential market in Singapore, soaring in tandem with the galloping economy, has cooled in the second quarter due to global uncertainty, local radio 938 Live reported on Monday., k+ ?1 u# t/ }9 p0 _5 U
According to property consultant DTZ, market activity has slowed in May and June due to a combination of European debt woes, local stock market jitters and increased land supply.
. _, ~; S9 H ], u- I: M6 Z$ W& } New private home sales fell by 8 percent to 4,033 units in the second quarter, as developers slowed the pace of launches because of the subdued sentiment.& N" U" m6 q. K @) |/ M
However, luxury homes transactions continued to rise in the quarter as the share of purchases for units that are at least 3 million Singapore dollars (2.21 million U.S. dollars) edged up to 10 percent of all transactions. This is a shade higher than the previous quarter's proportion of 9 percent.
5 E1 ^) K# s3 b! @, Z Most of the transactions amounting to 3 million Singapore dollars and above were homes in the prime districts.+ O7 q0 j7 ]! q4 D* b
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