New home sales slipped 27.3% just over a thousand units in Q1

Rising interest rates dampened sales.

Only around a thousand private residential units were sold in the first three months of 2015 as there only four new projects launched in the quarter.

According to data from CBRE, private home sales volume dropped 27.3% quarter-on-quarter.

"Cautious sentiments prevailed in the market in Q1 2015 as the Sibor rost 1.01% at end-March, a level unseen since December 2008. This impending mortgage interest rates depressed buying sentiments further," stated CBRE.

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