Singapore homes sales slowed down

Sales of private homes by developers in Singapore rose to a 15-month high in October, likely boosted by lower mortgage rates and a steady slide in property prices. Developers sold 1,252 units last month, the highest since July last year, when they sold 1,655 homes, data compiled by the Urban Redevelopment Authority showed. Falls in interest rates probably helped support demand, said Vishnu Varathan, senior economist for Mizuho Bank. "On the whole we did have a situation where interest rates were softening," he said, adding that falls in property prices may have also attracted buyers. "I'm suggesting that it is because prices have continued to drop that transactions have picked up from a very, very low level," Varathan said.