Residential sales boom in Q1

Home sales rocketed a record high of 6,682 units despite cooling measures and a gloomy economic outlook.

Here's more from Savills:

Singapore’s economy grew by 1.6% on a y-o-y basis, slowing from the 3.6% growth in the previous quarter.

New home sales gathered pace with a record 6,682 units in Q1.

The strong sales were fuelled by various forms of sweeteners from developers in their efforts to soften the effects of the Additional Buyer’s Stamp Duty.

Home purchases by overseas buyers have been substantially reined in, dipping 10 percentage points q-o-q.

Activity in the luxury market remained muted as overseas buyers retreated and developers held unsold inventory for lease.

The pipeline supply (including executive condominiums) reached about 100,000 units at the end of Q4/2011, 58% of which remains unsold.

The private homes price index slipped 0.1% in Q1/2012, the first fall since Q2/2009 after nine consecutive quarters of decelerating price increases.