March private home sales plunge 32% amid COVID-19 situation

SINGAPORE: Sales of new private homes fell in March due to disruption from the COVID-19 pandemic, as developers refrained from launching new projects and potential foreign buyers were not able to visit Singapore to view the properties.

The decline in March was expected, property analysts said, adding that the market is expected to deteriorate even further after the full impact of COVID-19 circuit breaker measures are felt. Excluding the executive condominium, developers released 578 units in March, down 38 per cent from the 933 units in February and 68 per cent from the same period last year.

"Developer sales momentum in 2020 will be highly hinging on how swift developers are in making pragmatic decisions once Singapore’s circuit breaker period is over," said Mr Ong.

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Singapore private home sales fall 32% in March on Covid-19 hit: URADEVELOPERS in Singapore sold 660 private homes in March, down 32.3 per cent from February's 975 units, as the coronavirus pandemic situation deteriorated. Read more at The Business Times.
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