Singapore private home sales for 2014 less than half of previous year's

SINGAPORE - Developers sold 7,316 private housing units last year - less than half of the 14,948 units snapped up in 2013.

Fresh figures from the Urban Redevelopment Authority on Friday placed new private home sales for the fourth quarter at 1,376 units, following a sales tally of 1,531 new units in the preceding three-month period.

The full year tally was the worst result since the financial crisis in 2008, when buyers bought 4,264 units.

Analysts attributed the poor results to weak buying demand exacerbated by cooling measures, designed to rein in soaring property prices.

Before Friday's results, Ms Chia Siew Chuin, director of research and advisory at Colliers International, noted that sagging transaction volumes are likely to be par for the course this year, with new home sales coming in between 7,000 and 8,000 units for the full year.

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