Singapore January Home Sales Have Best Start to Year Since 2014

(Bloomberg) -- Singapore home sales posted their best start to a year since 2014, adding to signs of a turnaround in the property market.

Developers sold 522 units in January, up 37 percent from 382 homes a year earlier, according to Urban Redevelopment Authority data released Wednesday.

Rising prices and climbing sales are reinforcing signs the city-state’s residential market is emerging from a four-year slump. Developers have been aggressively bidding for land on the back of the recovery. An index tracking private residential prices rose 0.8 percent in the three months ended Dec. 31, building on a 0.7 percent gain the previous quarter, according to data from the Urban Redevelopment Authority.

Prices may rise as much as 10 percent this year, following a pickup in home sales, Lim Ming Yan, the president and CEO of CapitaLand Ltd. said in an interview on Tuesday.

©2018 Bloomberg L.P.

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