Home alone: How Capitaland's Singapore home sales shrunk an amazing 94%

Only 34 units sold in Q1 down from 544.

If Capitaland is the canary in the Singapore new home mine, it's hardly chirping at all. The cooling measures massacred sales and the company is having to slash prices to sell remaining units. According to OCBC, an anemic 34 residential units were sold in Singapore over 1Q14, down significantly YoY from the 544 units sold in 1Q13, due to continued headwinds in the domestic housing segment and a lack of new launches over the quarter.

It has seen 106 units sold in Apr-14, mostly in Sky Habitat, as prices were lowered by an additional 10% to 15% versus initial launch levels.

It is very bleak. Over in China, total residential sales in 1Q14 fell 48% YoY to 1.2k units though we also expect the rate of sales to increase ahead as the group looks to launch about 8k units over the remainder of FY14.