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New private home sales rebound in May despite virus curbs

Developers in Singapore sold 484 new private homes last month, going by sale caveats, Knight Frank Singapore said yesterday. This is 74.7% more than the 277 new private homes they sold in April.

A total of 967 caveats for private homes were lodged during the circuit breaker from April 7 to June 1, said Knight Frank. Of these, 577 were new sales, while 380 were resale transactions and the remaining 10 were sub-sales.

This comes even as show-flats were closed and in-person property viewing was curbed during the circuit breaker as strict safe distancing measures were in place.

Mr Leonard Tay, head of research at Knight Frank Singapore, said: “The sales volume of new homes dominated private residential transactions in May. Despite the restrictions on physical interaction, there is life yet for the real estate market. New home buyers have shown “a degree of adjustment and adaptation to the prevailing circumstances” amid the pandemic.”

– 11 June 2020

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