THE buying frenzy in the property market has cooled, with property developers selling just 811 units of new, private homes in October.
This is down 29 per cent from 1,143 units sold in September and 1,805 units in August, falling below the 1,000 unit level for the first time since January as government measures to cool the property market took effect.
The quieter market is due to fewer launches in October. According to data released by the the Urban Redevelopment Authority on Monday, developers launched only 566 units, a far cry from the 1,413 units launched in September. There were no major suburban launch.
One of the best sellers was the 278-unit Cyan in Bukit Timah Road. It launched 90 units, of which 81 were sold at a median price of $1,821 per sq ft.
The October data marked the third consecutive monthly drop since sales hit a high of 2,772 units in July, but volumes were still well above the 211 units that changed hands in October 2008 during the worst of the global financial crisis.
The Government moved to curb speculation in the housing market in September, and pledged to release more land for residential development and make it harder for home buyers to defer payments.
This is down 29 per cent from 1,143 units sold in September and 1,805 units in August, falling below the 1,000 unit level for the first time since January as government measures to cool the property market took effect.
The quieter market is due to fewer launches in October. According to data released by the the Urban Redevelopment Authority on Monday, developers launched only 566 units, a far cry from the 1,413 units launched in September. There were no major suburban launch.
One of the best sellers was the 278-unit Cyan in Bukit Timah Road. It launched 90 units, of which 81 were sold at a median price of $1,821 per sq ft.
The October data marked the third consecutive monthly drop since sales hit a high of 2,772 units in July, but volumes were still well above the 211 units that changed hands in October 2008 during the worst of the global financial crisis.
The Government moved to curb speculation in the housing market in September, and pledged to release more land for residential development and make it harder for home buyers to defer payments.
