Here’s issue #12 of the 5 most important Singapore property news stories for the past week (thanks to Propertyguru).
Sales of private homes slipped to 1,638 units in August, down 16 percent from a month earlier. Excluding executive condominiums (ECs), the total number of homes transacted in August totalled 1,348, a decrease of three percent from 1,386 in July.
Singapore’s public housing and urban planning authorities launched four residential land parcels for sale through public tender yesterday, which could potentially produce 1,955 dwelling units.
Following last month’s announcement by the Ministry of National Development (MND) regarding the revised income ceiling for executive condominiums (ECs), the ministry has received numerous appeals to apply the new policy to all EC projects, regardless of their launch date for public sale.
Home prices in Singapore are expected to drop between eight and 10 percent over the next year, as government measures work their way into the property market despite a worsening global economy, said brokerage firm UOB Kay Hian.
Nearly 100 “letters of advice” have been issued by the Council for Estate Agencies (CEA) to errant property companies and agents within the first year of its operations.