A worker rides a suspended platform as he performs construction work at a residential building in Singapore. (Photographer: Nicky Loh/Bloomberg)

Singapore April Home Sales Jump to Highest Since November

(Bloomberg) -- Singapore home sales jumped to the highest in five months in April, underscoring signs the city-state’s property market is recovering.

Developers sold 729 units last month, the Urban Redevelopment Authority said Tuesday. That’s more than the 716 units in March and the highest since November. Still, sales are running at a slower pace than early last year.

The city-state’s housing market is showing signs of recovering from a four-year slump even as officials watch cautiously after previous bouts of overheating. Property prices climbed 3.9 percent in the first quarter, the biggest gain in almost eight years.

“The sales momentum continues to catch on as there is ample supply to fuel it,” said Desmond Sim, head of research for Singapore and Southeast Asia at CBRE Group Inc. “I expect the same for the coming months so that full-year numbers will exceed those of 2017.”

©2018 Bloomberg L.P.

Bloomberg
Follow The Latest On The Global Economy On BloombergQuint