February private home sales took a 65% nosedive to 708 units

Here's why it isn't surprising.

According to PropNex, February saw a 65% dip M-on-M in the number of private home sales to just 708 units (excluding ECs), this figure was not surprising as February was a short month and it also included the Lunar Chinese New Year (CNY) which was typically a lull period in terms of new launches and transactions.

“The drop in February new home sales is also due to the latest cooling measures in January 2013 as potential homeowners are likely to take a wait-and-see attitude. Additionally, developers have held back on the project launches for the month and this is evident in only 262 new units (the lowest that we have seen) that were being launched, commented Mr Mohamed Ismail, CEO of PropNex Realty.