New home sales across Singapore declined by 57% in January, with developers selling 466 private homes sold, according to a report by The Business Times, citing data from the Urban Redevelopment Authority on Monday.

January sales rose 136.5%, with 990 executive condos sold during the period, while 1,534 units were launched, the report noted.

However, sales are likely to decrease amid the Chinese New Year period, but expectations are for sales to pick up in March, according to the report.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)