Property stocks up after Jan sales data

PHOTO: Property stocks up after Jan sales data

SINGAPORE - Singapore property stocks rose, bucking the decline in the broader stock market, after data showed private home sales soared in January.

According to the Urban Redevelopment Authority (URA), developers in Singapore sold 2,013 new private homes in January, up 43 per cent from December's 1,410 units. The jump came about despite new cooling measures announced by the government on Jan 11.

Around 0715 GMT, shares of Southeast Asia's biggest developer CapitaLand were up 0.8 per cent at S$3.93, while City Developments rose 0.3 per cent to S$11.45.

The benchmark Straits Times Index was 0.2 per cent lower.

"The number of transactions indicates clearly that demand for private properties is still there, especially when you take into consideration the advent of the January cooling measures,"said PropNex Realty CEO Mohamed Ismail.

Mohamed Ismail said many home buyers rushed to make purchases on the evening before the new measures kicked in, and most developers extended their opening hours to facilitate last-minute purchases.