Private home sales in Singapore hit a three-month high in February, driven by strong demand for suburban residences and speculative buying.
Developers sold 1,575 units last month, according to Urban Redevelopment Authority data released on Monday. The rebound in apartment sales comes amid falling interest rates, with some buyers looking to profit from flipping condos.
Mass-market projects outside the city centre saw the highest demand. Parktown Residence in the east led sales, with more than 1,000 units, or 87%, sold at launch.
A record 603 new suburban homes were sold for at least S$2 million last month, according to OrangeTee Group. "New home sales are projected to continue their strong momentum as more projects will launch for sale," said chief researcher Christine Sun.
Amid the buying spree, analysts from Barclays Plc, Morgan Stanley, and Citigroup Inc. have cautioned that the government may introduce new cooling measures to control the market. Housing affordability remains a key concern ahead of this year's general election, with second-hand public home prices also rising.
Authorities have already implemented multiple measures in recent years, including a 60% home-buying tax for most foreigners and increased private housing land supply.
Bloomberg
Today, after hitting the high near 24,000 in the early session and entering bearish positions, the index fell sharply by nearly over 600 points, immediately recouping yesterday's losses significantly.
Moreover, today it broke the new high again, reaching a maximum of 24,076, but by the end of the market, it fell back by about 70 points, producing a bearish candle. The current trend has not yet been broken, but from the previous low until now, it has risen close to 6,000 points. It is believed that those with positions can continue to hold until there is a clear trend reversal for profit-taking. Those without positions can wait for a pullback to get in. Actually, it is hoped for a quick pullback, as it allows for entry and also provides a healthy breath.
Currently, the outlook remains the same as before. It is believed that even if there is a pullback, it shouldn't be too deep. However, if Futures fail to stabilize and close below 22,350, there may still be room for decline. The chance of Futures falling below 21,400 in the short term should be low, so it is considered that if a significant pullback occurs, it presents a good opportunity to incrementally go long. Recently, there has been a consistent approach to not hold positions overnight, only focusing on immediate trades, as there is no high chasing and no casual short selling.
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