Singapore private home sales fall to six-month low before curbs
(Bloomberg) — Singapore's new private home sales declined to the lowest level in six months in June, just before authorities introduced new measures to tame prices.
Developers sold 272 units last month, data from the Urban Redevelopment Authority showed on Tuesday. That's lower than the 312 homes sold in May, but higher than the sales reported in June 2024.
A home-buying frenzy in the Asian financial hub in late 2024 pushed up prices, further hitting affordability in one of the world's most expensive property markets. Singapore has sought to tackle surging prices in recent years, prompting authorities to implement multiple cooling measures.
Earlier in July, Singapore hiked a tax on sellers of private homes and extended it to those that sell them within four years from three, moves aimed at curbing a trend of people flipping properties for a quick profit.
Developers have slated a large number of project launches for July and August, as activity heats up after June, traditionally a slow month for home purchases, due to a month-long school break. The first mass market home launch since the curbs came in, saw nearly all the units offered by CapitaLand Development being taken up last weekend, more than the whole of June.
Buyers are undeterred by the measures, although a 'deluge of launches' in the second half means that the average initial take-up for most of them is expected to come in at a much lower 30 per cent-50 per cent, Citigroup Inc analyst Brandon Lee said in a report on Monday.
More stories like this are available on bloomberg.com
©2025 Bloomberg L.P.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
22 minutes ago
- Yahoo
China will merge CSSC and CSIC to create shipbuilding giant
China has merged two of its giant state-owned shipbuilding firms to create an RMB 700 billion ($97.4b) company. China State Shipbuilding Corporation (CSSC) and China Shipbuilding Industry Corporation (CSIC) had previously been one state-owned enterprise (SOE), but were split in 1999. After months of discussions and rumours, the firms were again made one in a ceremony in Shanghai. The new CSSC will control as much as 21% of the global shipbuilding industry, and Beijing hopes the new megacompany will be a more efficient challenger across the civil, military, and offshore energy sectors. As competition is likely as fierce as it has ever been in the Asian shipbuilding market, the aim of this merger is to cement China's place above South Korea as the dominant force in the region. Over the 25 years the shipbuilders have been split into the northern Dalian-based CISC and the southern Shanghai-based CSSC, a domestic rivalry developed, according to China Decoded. Reducing this internal competition and focusing on growth compared to international rivals is increasingly vital for the Chinese industry as the US has become more assertive in anti-China policies during the second Trump administration. 'This merger marks the largest strategic restructuring in China's shipbuilding history, aimed at optimising resource allocation and enhancing competitiveness in the global market,' said Xu Yi, an analyst at Haitong Futures told South China Morning Post. It is understood that Tuesday 12 August will be the final day CSIC shares will be available for market trading on the Shanghai Stock Exchange, before the company is folded into China CSSC Holdings. The move has several potential downsides for the Beijing government and the new larger company. Firstly, it will almost certainly attract the ire of international anti-monopoly bodies. While these regulators do not have the power to break up the Chinese megafirms, they could recommend countermeasures to other governments which could restrict the business CSSC can do. The move could also consolidate military and civilian shipyards, which could lead to further international restrictions or tariffs aimed at the industry, such as increased port fees for Chinese vessels, or even higher tariffs. "China will merge CSSC and CSIC to create shipbuilding giant" was originally created and published by Ship Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Yahoo
an hour ago
- Yahoo
Trump Pushes China to Quadruple U.S. Soybean Buys -- Markets React Ahead of Tariff Truce Deadline
Soybean futures posted their biggest intraday gain in four months after US President Donald Trump called on China to quickly quadruple its purchases of American soybeans, linking such a move to narrowing the trade gap between the two countries. The comments, made on Truth Social just one day before the current tariff truce is set to expire, came with a public thank-you to Chinese leader Xi Jinping, though no further detail was provided. The timing is notable US farmers are only weeks away from harvest, when fresh supply typically boosts export potential. While China bought more than $12 billion in US soybeans in 2024, government data show no bookings yet for the new season beginning in September, a sign that trade tensions remain an obstacle. Warning! GuruFocus has detected 5 Warning Signs with NVDA. The market reaction was swift. Chicago soybean futures jumped as much as 2.8% before easing to a 2.3% gain, with corn and wheat prices also edging higher. Analysts point out that this period often marks a shift in China's buying toward Northern Hemisphere origins, but the current pattern has leaned heavily toward Brazil, Argentina, and other South American suppliers. The US Department of Agriculture is expected to raise its domestic harvest outlook in an upcoming report, potentially adding to export competitiveness. Still, some market watchers caution that without progress in trade talks, China could meet its annual soybean needs entirely from South America, leaving US farmers sidelined. The tariff truce deadline on August 12 adds another layer to the story, with signals from Washington that an extension is possible. Broader US-China tensions remain in play from Beijing's defense of Russian oil imports against US tariff threats to state-linked criticism of Nvidia (NASDAQ:NVDA) chip performance. For now, Trump's remarks have injected a dose of optimism into agricultural markets, but whether this translates into sustained buying from China could depend on the trajectory of negotiations in the weeks ahead. This article first appeared on GuruFocus.
CNBC
an hour ago
- CNBC
Citi's Scott Chronert: Q2 results showed strong beat, second half projections mostly intact
Scott Chronert, U.S. equity strategist at Citigroup, joins CNBC's 'Squawk on the Street' to discuss market outlooks.
