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Fall in Q3 private home sales 'due to lunar seventh month'

Published on Oct 19, 2012 6:00 AM
Visitors at the show-flat of the Riversails earlier this month. The project was among several that were well received after launching after the lunar seventh month, moving more than 200 flats. -- PHOTO: MARK CHEONG FOR THE STRAITS TIMES

The lunar seventh month is being blamed for a huge drop in the number of private home sales in the third quarter, compared with the previous three months.

Dennis Wee Group (DWG) reported on Thursday that 5,934 deals were closed in the quarter, sharply down on the 10,780 transactions recorded in the three months to June 30.

Superstitious home seekers are said to avoid buying homes during the inauspicious lunar seventh month period, which cuts across half of August and September.

DWG pointed out that new home sales were down more than 50 per cent - from 6,007 in the second quarter to 2,659 in the following three months.

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Background story

Sales involving permanent residents were less badly affected in the quarter than other buyer groups such as Singaporeans and foreigners.