SINGAPORE: Singaporean developers sold 12 percent less homes last month, as tighter mortgage curbs cooled demand in Asia’s second-most expensive housing market. Developers sold 745 units last month, compared with 843 in March, according to data released yesterday by the Urban Redevelopment Authority.
Singaporean home prices have dropped for 10 quarters, posting the longest losing streak in almost two decades, as property curbs dampened demand. The city-state’s government has signaled it is reluctant to lift curbs it began rolling out in 2009 as low interest rates and demand from foreign buyers raised concerns that the market was overheating.
Those curbs have included a cap on debt repayment costs at 60 percent of a borrower’s monthly income, and higher stamp duties on home purchases. The government wants to avoid a renewed overheating in the market.
