(Feb 15): Singapore home sales posted the weakest January sales since 2009, adding to signs that the property boom is fading.

Developers sold 281 new private homes last month, according to figures released on Thursday by the Urban Redevelopment Authority (URA). While that was up from 135 in December, it was the slowest start since the global financial crisis deterred buyers 15 years ago.

The muted rebound from December is likely to fuel growing concern among developers about flagging demand. While Singapore has avoided downturns that afflicted other cities such as Hong Kong, sales have been on a downward trend since the government introduced measures to cool the market and rising interest rates began to bite.

Singapore saw 6,421 new private residential units sold last year, the fewest since 2008, final revised URA figures show. Annual transaction volumes, existing homes included, reached the lowest level in seven years.

Developers are becoming cautious. A prime land parcel in the city center sold by the government attracted just one bid in January. The offer was recently rejected by authorities who said it was “too low”.