Singapore Home Sales Surge in November Amid Apartment Glut

(Bloomberg) -- 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 versus 931 dwellings in October, Urban Redevelopment Authority data released Monday showed. The 23% 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.

Read more: Singapore Property Glut: Developer Calls for Easing of Curbs

So far at least, the city-state’s private property market has shown resilience with home prices rising 1.3% in the three months ended Sept. 30.