CapitaLand’s Singapore home sales dropped 77% to just 37 units in Q2

It sold 106 units in the first half.

CapitaLand’s residential pre-sales crashed 77% year-on-year to just 37 units in the second quarter, compared to 161 units in the same quarter last year.

This brings the total number of residential units sold in the first half to 106 units, a decline of 46% compared to 195 units sold in the first half of 2014.

“The Group expects the impact of the Singapore government’s cooling measures and concerns over interest rate hikes to continue to weigh on the private residential market. However, with a resilient economy and policies to support population growth, the demand for new homes remains positive over the long-term. The sites at Cairnhill Road and Victoria Park Villas will be launch-ready in early 2016. The Group continues to source for well-located sites to build up its pipeline in Singapore,” CapitaLand said.

CapitaLand reported that its net profit grew 5.8% year-on-year to $464m in the second quarter, on back of fair value gains on its Chinese properties.