New home sales fall to lowest level in 5 years
Developers released fewer units in December as cooling measures bite
Sales of new homes plunged to their lowest level in five years last month as cooling measures and economic uncertainty hit the market.
Developers released fewer units in the wake of growing resistance from buyers, who are becoming increasingly keen to hold out for lower prices.
The result was that only 259 units were sold last month - the lowest since January 2009 and a remarkable 80 per cent down on the 1,271 units snapped up in November.
Last month's sales brought the 2013 tally to 15,015, which was 32.4 per cent lower than the 22,197 units sold in 2012, said the Urban Redevelopment Authority (URA) yesterday.