The Urban Redevelopment Authority (URA) published February’s data on “private residential units sold by developers” or new home sales on Tuesday (March 15). For last month, developers only managed to sell 527 units. The sales volume is the lowest in 21 months, with 21.9 percent drop from 673 units in January. It is also a 66 percent plunge from 1,547 units sold last November – the month before December’s announcement of new property curbs. Last week, The Business Times quoted comments from some property agency spokespersons on February’s poor new home sales. They put the blame on Chinese New Year and the declining new home inventory. However, historical data shows that when we were in a thriving property market, new home sales could still be robust during festive seasons. On the other hand, with thousands of unsold units from new projects, there is no lack of new home inventory in...