Private home prices in Singapore climbed 2.8 percent year-on-year in 2012, down from 5.9 percent in 2011, according to flash estimates from the Urban Redevelopment Authority (URA).
At the same time, over 22,000 residential units were sold last year breaking the previous record of 16,292 set in 2010.
In a statement, property developer Keppel Land said the strong figures came “amidst the seventh and most extensive round of cooling measures introduced by the government on 11 January 2013, which includes higher buyer stamp duty, lower loan-to-value (LTV) limits and increased cash outlay upon purchase”.
The group sold around 430 residential units in Singapore last year, with sales mainly coming from The Luxurie (pictured), a condominium project in Sengkang that is now 99 percent sold.
Riding on demand for suburban developments, Keppel Land acquired a prime residential site along New Upper Changi Road, near Tanah Merah MRT station.
But with the latest cooling measures in place, the developer will review its line-up of residential launches in the city-state.
Moving forward, it “will continue to focus on its core businesses of property development for sale and property fund management”, amid a challenging year.
The group added that it will “concentrate on developing for sale residential, investment-grade office, mixed-use and township projects in Singapore, China, Vietnam and Indonesia”, and “scale up in high-growth cities where it already has a presence and continue to expand its commercial portfolio overseas”.
Romesh Navaratnarajah, Senior Editor of PropertyGuru, wrote this story. To contact him about this or other stories email firstname.lastname@example.org