04 Mar '11, 5am

[TODAY] Property cooling measures taking effect: Data

SINGAPORE - The Government's property measures - both on demand and supply - have started to have a stabilising effect, National Development Minister Mah Bow Tan said yesterday, citing the latest housing data. Resale price growth and transaction volumes have both moderated. Prices inched up 0.7 per cent last month, after a 0.6-per-cent growth in January - continuing the slowdown that began last year. Average monthly resale volume in the first two months of this year fell by 16 per cent. This followed a 21-per-cent drop in quarterly resale volumes to about 6,500 transactions in the last quarter of last year. According to Mr Mah, Build-To-Order (BTO) application rates have also shown signs of moderation: In the first seven months of last year, projects were six times oversubscribed on average. The rate decreased to 3.5 times in the last six months. For the BTO launches in Ja...

Full article: http://www.todayonline.com/Singapore/EDC110304-0000489/Pr...

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