Opening of new doors in Singapore

Business | 16 Jul 2020

Singapore home sales more than doubled last month as buyers flocked back to the market as a two-month lockdown ended.

The number of new units sold rose to 998 from 487 in May, according to Urban Redevelopment Authority data. That is the most since November and compares with a near six-year low of 277 in April.

First-home buyers taking advantage of a drop in prices and workers in sectors that have not felt the pain of the pandemic-induced recession, such as technology and the civil service, are underpinning demand, said Nicholas Mak, head of research and consultancy at Apac Realty unit ERA.

"Developers are also looking to launch more developments," he added.

That was after sales were put on hold during the lockdown, Mak said, so "pent-up supply is meeting pent-up demand."

While most buyers are local, sales to foreigners has more than doubled, according to an analysis of URA figures compiled by consultancy OrangeTee & Tie.

Singapore property is seen by some Asian investors as a haven amid turmoil in global markets and political upheaval in Hong Kong.

The surge in sales came after the lockdown ended on June 19. Much activity has now resumed, including property viewings and the reopening of display units, though groups are capped at five people.

Against the positive news, Resorts World Sentosa, owned by Genting Singapore, is making a one-off cut in its workforce as part of cost-cutting measures in the wake of the coronavirus pandemic.

But RWS did not say yesterday how many people are being affected.

The resort, one of Singapore's top tourist attractions, encompasses a hotel, a casino and the Universal Studios theme park among other attractions.

Bloomberg, Reuters

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