Private home sales in Singapore reached a three-month high in February, driven by strong local demand for suburban residences and speculative purchases.

According to data from the Urban Redevelopment Authority released today, Developers sold 1,575 units last month, The Edge reported.

The city-state’s property market is experiencing renewed momentum as falling interest rates spur activity, with some buyers aiming to profit from reselling condominiums.

This uptick has led analysts to speculate that the government may introduce additional cooling measures to rein in demand.

Suburban projects have been particularly popular, with two developments near public housing estates emerging as the top performers.

Parktown Residence in the east saw robust demand, selling over 1,000 units — about 87 per cent of its total — upon launch.

The report added that financial institutions, including Barclays, Morgan Stanley, and Citigroup, have cautioned that further policy interventions could be on the horizon if the buying spree continues.

Housing affordability remains a pressing issue for voters, especially with resale public housing prices climbing ahead of an expected general election this year.

Authorities have already implemented measures to curb speculative activity, such as raising the home-buying tax for most foreign buyers to 60 per cent and increasing the supply of private housing land.

However, with demand showing no signs of abating, further regulatory action may be imminent.