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Lower primary home sales volume in Feb no cause for worry, says CIMB

Stanislaus Jude Chan
Stanislaus Jude Chan3/16/2018 11:39 AM GMT+08  • 3 min read
Lower primary home sales volume in Feb no cause for worry, says CIMB
SINGAPORE (Mar 16): CIMB Research is keeping its “overweight” rating on the Singapore property sector, despite primary home sales volume tumbling 61% to 377 units in Feb 2018, from 469 units a year ago.
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SINGAPORE (Mar 16): CIMB Research is keeping its “overweight” rating on the Singapore property sector, despite primary home sales volume tumbling 61% to 377 units in Feb 2018, from 469 units a year ago.

“We think this was largely due to the lack of new launches amid the [Chinese New Year] lull,” says analyst Lock Mun Yee in a report on Thursday. The Lunar New Year festivities fell in mid-February in 2018, compared to late-January last year.

“In our view, a more meaningful comparison would be the take-up rate, which stood firm at 2x in Feb, indicating still-healthy buying interest in the residential market,” Lock says.

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