Singapore developers sold 975 units in Feb, up 57% month-on-month and 114% year-on-year month-on-month, as home buyer demand held up in a low interest rate environment; the 3M SIBOR rate has fallen to near 1% from around 1.75% at the start of this year. Furthermore, supporting this were the 933 units launched last month of which two thirds were in the Core Central Region (CCR) and competitively priced. Going forward, while a repeat performance in March is unlikely given the current volatility, we expect Singapore’s residential market to remain resilient as investors flock to relatively safer asset classes.