Hanoi (VNA) - Sales of private apartments inSingapore rebounded in November amid concerns a property glut could halt anascent price recovery.
Developers in the city-state sold 1,147 units last month, higher than thefigure 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 inOctober.
The jump in transactions comes as Singapore grapples with an oversupply ofalmost 32,000 apartments - some finished, others under construction and stillmore in the planning phase. The glut, which threatens to push down prices, hasprompted home builders to call for an easing of cooling measures imposed inJuly 2018 to absorb the backlog. Some market watchers say that could take asmany as four years to clear.
So far at least, the city-state’s private property market has shown resiliencewith home prices rising 1.3 percent in the three months ended on September 30,Bloomberg reported.
The supply overhang could be eased should thesales momentum continue. The market isn’t experiencing launch fatigue becausebuyers are still attracted to projects that offer reasonably high valuepropositions, analysts said.
The uptick in sales followed the release of anticipated propertylaunches, 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 lateNovember./.
Developers in the city-state sold 1,147 units last month, higher than thefigure 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 inOctober.
The jump in transactions comes as Singapore grapples with an oversupply ofalmost 32,000 apartments - some finished, others under construction and stillmore in the planning phase. The glut, which threatens to push down prices, hasprompted home builders to call for an easing of cooling measures imposed inJuly 2018 to absorb the backlog. Some market watchers say that could take asmany as four years to clear.
So far at least, the city-state’s private property market has shown resiliencewith home prices rising 1.3 percent in the three months ended on September 30,Bloomberg reported.
The supply overhang could be eased should thesales momentum continue. The market isn’t experiencing launch fatigue becausebuyers are still attracted to projects that offer reasonably high valuepropositions, analysts said.
The uptick in sales followed the release of anticipated propertylaunches, 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 lateNovember./.
VNA
