Singapore's March developer monthly sales hit six-year low

Only 480 units were sold.

According to Barclays, private home sales fell to a three-month low of 480 units, and were also the lowest March monthly take-up since Mar 2008's 301 units.

Typically March sales pick up after Chinese New Year festivities in January or February, but not this year. This brings the year-to-date total of units sold to 1,784 units, based on data released on Tuesday by URA.

Here's more:

We attribute the poor sales to only one new launch – The Santorini at Tampines, in the far eastern part of Singapore, which is not near any MRT stations, which sold just 13% of its total 597 units. In addition, we estimate some 38 units were returned including 19 from the best-selling two launches in February – Rivertrees and Riverbank, which could be due to bank loan rejections on tighter TDSR conditions.

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