alric embargo: STOCKS NEWS SINGAPORE-Property stocks up after Jan sales data

Saturday, February 16, 2013

Singapore property stocks rose, bucking the decline in the

broader stock market, after data showed private home sales

soared in January.

According to the Urban Redevelopment Authority (URA),

developers in Singapore sold 2,013 new private homes in January,

up 43 percent from December's 1,410 units. The jump came about

despite new cooling measures announced by the government on Jan.

11.

Around 0715 GMT, shares of Southeast Asia's biggest

developer CapitaLand were up 0.8 percent at S$3.93,

while City Developments rose 0.3 percent to S$11.45.

The benchmark Straits Times Index was 0.2 percent

lower.

"The number of transactions indicates clearly that demand

for private properties is still there, especially when you take

into consideration the advent of the January cooling measures,"

said PropNex Realty CEO Mohamed Ismail.

Mohamed Ismail said many home buyers rushed to make

purchases on the evening before the new measures kicked in, and

most developers extended their opening hours to facilitate

last-minute purchases.

(kevin.lim@thomsonreuters.com)(+65 64035663)(Reuters Messaging:

kevin.lim.thomsonreuters.com@reuters.net)

alric embargo