Sales of private house in Singapore dropped 68 percent month-on-month in June, latest data from the Urban Redevelopment Authority (URA) showed on Tuesday.
Developers only sold 482 new private homes in June, a big decline from the 1,488 units in May. The poor performance is mainly due to lack of new units, as there were only 418 new units launched last month, compared to 1,819 homes in May.
Most of the transactions were made outside the core central region, with 269 units changing hands. Coco Palms at Pasir Ris Grove became the top selling project, with 55 out of 100 units offered sold.
Singapore's residential property market consists of the largely high-end private homes, or residential properties developed and sold by private developers, but about 80 percent of the resident population live in high-rise flats built and sold by the Housing and Development Board.
The residential property prices have recently stabilized after rising rapidly for several years in the aftermath of the global financial crisis.