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Nikkei Markets

Singapore home prices rebound, prime areas in demand

Outlook clouded by weak economy, growing number of unsold units

The strong demand for homes in prime locations comes despite government measures aimed at discouraging purchases by wealthy foreigners as well as locals seeking to buy second properties.   © Reuters

SINGAPORE (Nikkei Markets) -- Private home prices in the city-state defied the slowing economy and the government's restraining measures to grow 1.3% in the second quarter, driven by robust sales at new projects in and around the prime areas.

The unexpected growth, coming after two straight quarters of decline, propelled the Urban Redevelopment Authority's private residential property index to a five-year high. However, market players were mixed in their outlook for prices.

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