Private apartment sales in Singapore rebound
Sales of private apartments in Singapore rebounded in November amid concerns a property glut could halt a nascent price recovery.
HANOI, VNA - Sales of private apartments in Singapore rebounded in November amid concerns a property glut could halt a nascent price recovery.
Developers in the city-state sold 1,147 units last month, higher than the figure of 931 dwellings in October, Urban Redevelopment Authority’s data released on December 16 showed.
The 23 percent gain came despite fewer apartment launches; home builders launched 740 apartments for sale last month compared with 892 in October.
The jump in transactions comes as Singapore grapples with an oversupply of almost 32,000 apartments - some finished, others under construction and still more in the planning phase. The glut, which threatens to push down prices, has prompted home builders to call for an easing of cooling measures imposed in July 2018 to absorb the backlog. Some market watchers say that could take as many as four years to clear.
So far at least, the city-state’s private property market has shown resilience with home prices rising 1.3 percent in the three months ended on September 30, Bloomberg reported.
The supply overhang could be eased should the sales momentum continue. The market isn’t experiencing launch fatigue because buyers are still attracted to projects that offer reasonably high value propositions, analysts said.
The uptick in sales followed the release of anticipated property launches, such as One Holland Village Residences. Located in a prime district, about one-third of the 296-unit project has been sold following its launch late November. - VNA