Singapore's new home sales jumped in February, but the gains likely don't signal an end of the sector's downtrend.
February's 28 percent sales jump from a month earlier was largely due to developers launching only two projects in January, with one of those getting a "lukewarm" reception, said Alan Cheong, senior director for Singapore at Savills.
Developers launched around 671 units in February and 549 in January, and sold 724 units in February, up from 565 sold in January and 259 in December.
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"In February, there were two midsized projects and they were priced competitively," he said. "If nothing gets launched (in March), then we may see sales fall back."
Property prices and sales in the city-state have been closely watched for cues on whether the government can safely guide the market to a soft landing amid tightening global liquidity. Some of Singapore's borrowers may become stretched if interest rates rise and there are concerns they could dump their properties into an already slowing market if their payments rise.