SINGAPORE (April 16): New private home sales in Singapore dipped slightly in March from February but remained high by historical norms, indicating continued strong demand for apartments in the city-state despite measures to cool the housing market.

Developers in Singapore sold 2,393 residential units last month, down about 1% from 2,417 in February, according to data compiled by the Urban Redevelopment Authority (URA).

However, the figure was well above the 1,872 units sold in January.

Including executive condominiums, a category of apartments reserved primarily for Singaporeans, a total of 3,032 units were sold in March compared with February's 3,142.

Singapore home prices fell 0.1% in January-March from the preceding quarter — the first drop in nearly three years — hurt by government measures to discourage speculative demand.

But transaction volume has remained strong due to low interest rates, a wave of immigration to the city-state and, in recent years, a shortage of new supply from the government agency tasked with housing 80% of the population.

The Housing and Development Board (HDB) has since stepped up its home building programme. — Reuters

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