New private home sales in 2014 hit 6-year low, below forecasts, with more of the same expected this year

SINGAPORE - New private home sales for 2014 hit a six-year low in December, falling below industry forecasts for the full year, Urban Redevelopment Authority showed on Thursday.

Just 230 new condominium units were snapped up in December, bringing last year's sales tally to 7,378 units - less than half the 15,291 units sold in 2013. New home sales dropped to about 4,382 units during the financial crisis in 2008.

Industry players had predicted that about 8,000 units would be sold this year.

Mr Eugene Lim, key executive officer at ERA, said that he expects the pace of sales to be quite similar this year in the absence of any changes to the government's property cooling measures.

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