SALES of new private homes plunged last month to just 811 units - well down on September's numbers and a clear sign that the Government's cooling measures have taken hold.
The decline also marks the third straight monthly contraction since August.
October's sales were down from the 1,143 units sold in September and 1,805 in August, although they were still about six times the sales done in the same month last year, according to the Urban Redevelopment Authority yesterday.
'Although the number of units launched and sold in October was the lowest since January, it should not be treated with alarm as it reflects that the property market is subsiding into a more sustainable level of activity,' said DTZ's head of Southeast Asia research Chua Chor Hoon.
October's sales came close to the average monthly take-up of 845 units since June 2007, she said.
Property experts were already expecting the slump as sales at launches started to slow down not long after the Government introduced measures to calm the market in mid-September.
joyceteo@sph.com.sg
Read the full story in Tuesday's edition of The Straits Times.
