The Zhongyuan Festival affects buyers' entry into the market, and Singapore residential sales decline.

Singapore's new home sales fell in August as developers delayed project launches amid a period considered inauspicious for buying property. Data released Tuesday by the Urban Redevelopment Authority showed developers sold 153 private new homes last month, the lowest since February 2024. That compares with 731 transactions in July and 2,142 in the same period a year earlier. The decline was expected after it coincided with the Hungry Ghost Festival in the seventh lunar month. Developers typically schedule project launches weeks before or after this period. This year, the festival runs from mid-August through Sept. 10. The seasonal factor is unlikely to derail the improving sentiment in Singapore's housing market. New home sales in Singapore depend partly on how many projects developers put up for sale. Private residential prices rose 0.5% in the second quarter, slowing from a 0.9% gain in the previous three months.