SG Morning Highlights | Buying sentiment turns cautious as Q1 new home sales fall below that of last year

Advancers / Decliners is 86 to 71, with 85.30 million securities worth S$72.02 million changing hands.

While sales of new private residential units continued rising in March, analysts are pointing to buyers becoming wary ahead of a flood of new launches amid economic uncertainty.

March new home sales, though up for the third straight month, were 43.8 per cent below the five-year average for the month at 876 units, noted Tricia Song, CBRE's head of research, South-east Asia.

"Compared to the early part of 2022, take-up has largely moderated and buying sentiment has turned cautious amid record high interest rates and a slowing economy," said Song. Tallying volume for the quarter, new home sales for Q1 2023 came to 1,318 units, almost 30 per cent lower than the 1,880 units sold over the year-ago period, she added.

Economic growth is "non-negotiable" and Singapore's government will always be pro-growth and pro-inclusivity, even as the country embarks on key shifts as part of its new social compact, Deputy Prime Minister Lawrence Wong said on Monday (Apr 17).

These changes include a new approach to skills and a new definition of success – which all consumers will have to support by paying more for goods and services.

"Our growth rates will gradually come down as our labour force expands more slowly, but growth remains essential," Wong told Parliament. "If we don't grow the economic pie, there will be fewer jobs and less scope for social support. So please do not be mistaken."

The other shareholders of USP will have the chance to vote on his proposed board composition at an extraordinary general meeting (EGM) to be held online at 10 am this Friday (Apr 21).

The resolutions include the removal of USP's chief executive Tanoto Sau Ian and the company's non-executive chairman Djohan Sutanto, as well as the appointment of four new directors – one of them an executive director.