SINGAPORE – The latest round of cooling measures and the absence of new mega launches chilled the red-hot private property market in January, even as sales held steady from December.

Buyers took up 673 private residential units, up 3.5 per cent from 650 in December but down 58.8 per cent from 1,633 a year ago, according to Urban Redevelopment Authority (URA) data on Tuesday afternoon (Feb 15).

JLL senior director of research and consultancy Ong Teck Hui noted that, although the private market’s slowdown is less apparent in new home sales data, URA Realis data shows a 43.2 per cent drop in resale transactions last month from December 2021.