15 Feb '12, 9pm

Private home sales hit 14-month high despite cooling measures

SINGAPORE - The number of private homes sold soared to a 14-month high last month, indicating housing demand remained buoyant and that the Government may have to introduce more measures to cool the market. Private home sales last month, including executive condominiums more than tripled to 2,077 units, compared to 670 units sold in December, data from the Urban Redevelopment Authority showed yesterday. This was despite new measures introduced in December that included a requirement that foreigners who are not permanent residents pay an additional stamp duty equal to 10 per cent of the property value. Excluding executive condominiums, a category of apartments reserved primarily for Singaporeans, 1,872 homes were sold last month - the highest since November 2010 and up from 632 in December. "Evidently the ABSD (additional buyer's stamp duty) in December were ineffective in r...

Full article: http://www.todayonline.com/Singapore/EDC120216-0000040/Pr...

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