Developers sold 228 apartments last month, up from 221 in May, in line with Urban Redevelopment Authority data released on Monday.
This implies that fewer than 2,000 units can be sold in the primary half of 2024 – in line with preliminary calculations, that is the bottom number known since 2004.
Preliminary second-quarter home sales figures could change in final figures due out later this month.
High rates of interest and government cooling measures have slowed Singapore’s property market.
Citigroup Inc. analyst Brandon Lee wrote in a note Monday that while the prospect of future mortgage rate cuts will boost sales, the long-term impact of current actions to dampen demand is being felt.
“We expect buyers to be patient given the significant number of launches and projects with lower land costs that are expected to come on stream soon,” he said.
The slowdown likely continued into July. The massive project launched earlier this month sold lower than 1 / 4 of its 440 units in its first weekend.
Still, property valuations remain high. Private home prices rose for a fourth straight quarter, while the primary half of the yr saw a record variety of council flat sales for at the least S$1 million ($743,000), in line with data compiled by real estate agency OrangeTee Group.
According to a report by Julius Baer Group Ltd., high prices have made the financial center the third costliest city on the planet by way of the fee of buying private homes.
