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.
" [, v8 N& y* B* e$ V0 }$ y) x 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.. D3 m, Z5 s+ S
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.. I% P8 N6 l3 X# K4 p
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.
# e5 u) d2 y3 l8 M Most of the transactions amounting to 3 million Singapore dollars and above were homes in the prime districts.& |8 |5 C# [- _! n! l' w4 m
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