Singapore new private home sales drop 32% in March on coronavirus fallout

SINGAPORE - Developers in Singapore sold 660 private homes in March, down 32 per cent from 976 in February, as the property market grappled with safe distancing restrictions imposed due to the coronavirus pandemic.

They launched 578 private residential units in March, of which 101 were in the core central region , 163 in rest of the central region and 314 were outside the central region . In comparison, 933 units were launched for sale in February, and 1,812 units were released in March a year ago. Year on year, the number of new private homes sold last month was down 37 per cent from 1,054 units moved in March last year.

The figures, released by the Urban Redevelopment Authority on Wednesday , exclude executive condominium units, which are a public-private housing hybrid. Including ECs, developers moved 904 units last month, down 31 per cent from February's 1,315 units, and nearly 15 per cent lower than the 1,062 units sold in March last year.

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