Spike in new private home sales in Singapore last month unlikely to be repeated in coming months, analysts told Dow Jones.

According to new government data, developers sold 1,544 new homes in July vs 847 in June, launched 1,335 units vs June’s 1,010.

“We believe this was driven by developers who pushed out projects to catch the demand prior to the typical slowdown experienced during the Lunar Hungry Ghost Month, when buyers are less keen to purchase large-ticket items,” says Morgan Stanley. BNP Paribas expects sales this month to be muted, tips monthly sales to hover around 1,000 homes from September.

CIMB says risk of more government measures to cool property market outweighs stocks’ attractive valuations: “The issue for us is the sustainability of volume beyond 2010 and physical price upside from here.”

Among developers, CapitaLand (C31.SG) off 0.5% at $3.93, CityDev (C09.SG) flat at $11.84, Wing Tai (W05.SG) flat at $1.71.