Singapore home sales in May fall 34% as fewer projects launched

SINGAPORE (June 15): Singapore home sales fell 34% in May as fewer new projects were launched.

Developers sold 1,024 units last month, compared with a revised 1,558 in April, according to Urban Redevelopment Authority data released on Thursday. A total of 339 new properties were offered, down from 1,616 in April, the data showed.

Developers have still notched sales of more than 1,000 units a month for the past three months, after the government in March relaxed a raft of measures to cool home prices. Property prices fell 3% last year and have dropped for 14 straight quarters, the longest slide since the data were first published in 1975.

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