Trade worries drag down Singapore's home sales to 5-month low
Developer sales dropped for a third consecutive month, with just 311 units bought last month, according to data released by the Urban Redevelopment Authority on Monday.
The outlook for the Southeast Asian financial hub has dimmed, following US President
Donald Trump 's push for tariffs and the city state's economy contracting in the first quarter. Developers have grown more cautious, launching no major projects for sale in May – a pause that further weighed on sales figures.
People gather along the boardwalk in front of the skyline at Marina Bay in Singapore. Photo: AFP
A first-quarter survey of senior real-estate executives found that nearly 90 per cent viewed a global economic slowdown as a risk. Their next biggest concerns were job losses and a weakening domestic economy.
Singapore faces heightened risks of a recession due to export hits brought on by tariffs, Bloomberg Economics analyst Tamara Henderson said in a report earlier this month.
Authorities have adopted a more cautious approach, offering land that could yield 4,725 private housing units in the second half of the year – a 6 per cent drop from the first half.
Instead, they expanded the so-called reserve list, where land parcels are only triggered for tender if there is sufficient demand from developers.
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