Sales of new private homes plunged to 481 in July, 73 per cent lower than June's figure of 1,806 units sold excluding executive condominiums (ECs).

This was worse than analysts' expectations that new sales would fall by as much as half month-on-month.

The sharp fall came on the back of new loan restrictions introduced in late June by the Monetary Authority of Singapore that put a cap on borrowers' total debt repayments relative to gross monthly income.

The project that moved the most units in July was the 463-unit Vue 8 Residence in Pasir Ris, which sold 63 out of the 100 units launched that month, according to data released on Thursday by the Urban Redevelopment Authority.

Including ECs, the number of private homes sold was 593 in July, down sharply from 2,119 units in June.