New home sales up 57% in Feb despite Covid-19

Singapore

DESPITE the Covid-19 outbreak, developers sold 975 units in February, or over 57 per cent more month-on-month, as demand for private residential homes held up.

And while analysts pointed out that the lower-for-longer interest rate environment could prompt some home buyers to enter the market, the ongoing correction in stock prices and a slowing economy could present downside risks to buying sentiments in the near term.