URA Taking Steps to Improve Property Monitoring Practices

Although the real estate market in Singapore is at peak these days, some discouraging practices are affecting the sales figures by a considerable level. The Urban Redevelopment Authority (URA) is now taking hard steps to tighten the property market monitoring practices so that deals for private developers can be controlled.


The main trouble occurs due to special arrangements of some private homebuyers with developers or property agents. They try to reissue options to purchase after expiry. This idea can be used for almost one year and can be even extended to 18 months right from the first OTP date. It gives buyers extra time to sell their existing homes.

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Rise in private home sales once again

What is currently happening in the real estate market was not foreseen by specialists, as everybody was expecting a significant decrease considering the worsening of the economic background because of the pandemic. However, despite all this, private homes are still in demand and, more than this, are being purchased. Thus, the month of July brought an increase of 8.2% regarding the number of units that were sold under these unprecedented conditions. More precisely, the newly-built homes manage to grab the attention of homebuyers. This particular sector enjoys an increase for the 3rd month in a row, even if the economics are far from being ideal.


What we are talking about are not just mere assumptions. The numbers speak for themselves, as developers providing non-landed private units managed to sell a number of 1,080 in the month that just passed. Taking the numbers from June, the increase reached a threshold of 8.2%, which is indeed unexpected. The increase is more than welcome after the circuit breaker that marked the month of April, an event that almost set the lowest value for the past 6 years. However, even with this increase, the sales are still well below those recorded in the same month of the past year. A year ago, in the same period, 1.179 units were sold, which means that this year sales are going down with 8.4%.

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