Singapore New Home Sales Fall as Hungry Ghost Festival Delays Launches

Singapore new home sales fell in August as developers delayed project launches during a period seen as inauspicious for buying. According to Sina Finance, Urban Redevelopment Authority data released on Tuesday showed developers sold 153 private new homes last month, the lowest since February 2024. July sales totaled 731 units, compared with 2,142 a year earlier. The decline was widely expected because it coincided with the Hungry Ghost Festival in the seventh month of the lunar calendar, which runs from mid-August to September 10 this year. Developers typically schedule launches several weeks before or after that period. The seasonal factor is unlikely to reverse Singapore's improving housing market, and new home sales partly depend on how many projects developers bring to market. Private residential prices rose 0.5% in the second quarter, slowing from a 0.9% increase in the previous quarter.