Singapore home sales up 1.7%

Singapore's home sales rose in February as developers marketed new projects, a government report showed.

Home sales climbed 1.7% to 724 units last month compared with 712 in the same period a year ago, according to data from the Urban Redevelopment Authority released on Monday. Sales climbed 28% from January, the data showed.

Singapore's property market is stabilising and the country is not facing a credit bubble that puts the island or its banking system at risk of a crisis, the central bank said on Jan 15. The government introduced loan measures in June as it widened a campaign that started in 2009 to curb speculation in the Southeast Asian city.

"The market is showing signs of stability after the exceptionally low sales in January," said Nicholas Mak, executive director and head of research at SLP International Property Consultants in Singapore.

Mak expects home sales by developers at between 11,000 and 13,000 units this year.

Among the developers that began sales of their projects was UOL Development (Sengkang) Pte, which sold 211 of 250 units marketed at its Riverbank @ Fernvale, and Watervine Homes Pte, which sold 218 of 300 units at its Rivertrees Residences, both located in the city's north east, according to the URA.

Singapore's fourth-quarter home prices slid for the first time in almost two years, trimming annual gains to the smallest since 2008. Housing values gained 1.1% in 2013, the smallest annual increase since prices slid 4.7% in 2008.

The private residential property price index fell 0.9% to 214.3 in the three months ended December, data from the authority showed on Jan 24.

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