Singapore Home Sales Reach Four-Month High as Economy Reopens
Singapore home sales surged to a four-month high after the city-state gradually eased social restrictions in a bid to live with the virus.
Purchases of new private apartments climbed to 1,547 units in November, Urban Redevelopment Authority figures showed Wednesday. That’s higher than the 911 units sold in the previous month and the most since July.
The rebound came after Singapore began to relax its strict virus curbs in early November, including on social gatherings, which allowed more people to view new homes. Demand has been resilient even during the pandemic restrictions as some buyers cashed out of their old apartments and others sought to upgrade from public flats.
The market could potentially rise further next year as foreign buyers look to invest in residential properties after Singapore opened up more vaccinated travel lanes.
Though the omicron variant poses risks, Singapore’s authorities have yet to dial back loosening measures. The city-state’s daily Covid-19 tally has been below 800 cases in the past week, and its infection rate has dipped.
Last month’s sales could be attributed to two major launches, including the 696-unit CanningHill Piers located on the outskirts of the central business district with a view of the Singapore River, said Christine Sun, senior vice president of research and analytics at OrangeTee & Tie.
“More units were also launched last month,” she said. “Developers were keen to ride the wave of positive sales momentum and close more deals before the year ends.”
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