Singaporean Property Market Records Strong Growth, Again

Sales of residential property in Singapore soared again in April, with activity up 29 per cent, new figures show. Local agents report that 1,788 home sales were recorded over the course of the month...

Sales of residential property in Singapore soared again in April, with activity up 29 per cent, new figures show. Local agents report that 1,788 home sales were recorded over the course of the month, with the total level of transactions reaching a five-month high.

With an annual growth rate cited at around at 23.5 per cent for the first three months of the year, government cooling measures to calm down the property market have clearly failed, with agents noting that this is because they are too short-term.

Suburban areas continue to lead the market with units outpacing those in the city centre at a rate of around three to one, the figures show.

"In the next two months, depending on how many new projects are in the pipeline, we could see a take-up of maybe about 1,300 to 1,500 units again," Ku Swee Yong, chief executive officer of International Property Advisor, added.

And, despite the high sales volumes in April, analysts in Singapore continue to argue that the government should hold back from introducing another set of cooling measures.

- Thursday 26 May 2011

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