July 16, 2012 / 5:38 AM / 5 years ago

Singapore new home sales plunge in June from May

SINGAPORE, July 16 (Reuters) - Private home sales by Singapore developers fell sharply for the second month in June, dropping 19 percent to 1,371 units from 1,702 in May, according to data released on Monday.

Including executive condominiums, a category of apartments reserved mainly for Singaporeans, June sales fell 16 percent to 1,725 units in June from 2,057 in May, data on the Urban Redevelopment Authority (URA) website showed.

New private home sales, excluding executive condominiums, had fallen 32 percent in May from April.

Sales by developers had been strong in the first four months of 2012 despite tough measures introduced in December to cool the housing market. The moves included a requirement that foreigners who are not permanent residents pay an additional stamp duty equal to 10 percent of the property value when making a purchase.

According to URA, private home prices in Singapore rose 0.4 percent quarter-on-quarter in the April to June period, reversing a 0.1 percent drop in the first quarter. (Reporting by Kevin Lim; editing by Rachel Armstrong)

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