New private home sales soar, but analysts call it an anomaly

The sale of new private homes hit a 16-month high last month, even as cooling measures were introduced on July 6 to rein in what the Government said was euphoria in the property market.

A total of 1,724 homes were snapped up, which is 2.6 times more than the previous month of June and 55 per cent higher than in July last year. Analysts, however, were quick to warn that the sales figure released yesterday is an anomaly.

Of the 1,724 new homes sold, 1,396 units, or just over 80 per cent, were from three projects: Park Colonial in Woodleigh, Riverfront Residences in Hougang and Stirling Residences in Queenstown.

They were launched late on July 5, a few hours after the surprise measures were announced for implementation the next day. Analysts expect demand to soften in the months ahead as prospective buyers figure out the impact of the cooling measures.

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