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Singapore private home sales up 48.3%

Staff writer |
Singapore's private home sales surged dramatically by 48.3 percent on-month in September, as developers launched more units, according to the Urban Redevelopment Authority.

Excluding executive condominiums (ECs), some 648 new units were sold in September, a sharp increase from 437 units in the previous month. The strong sales came as developers launched more units for sale, with 514 units launched last month, up from 399 units launched in the previous month.

Private homes are those developed by private developers. About 80 percent of the resident households in Singapore live in spacious public housing units built and sold by the government. The private homes are typically more expensive than public housing units.

The property prices in Singapore have been stabilizing in recent months, after authorities put in place several rounds of cooling measures to curb speculation in the real estate market.

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