Singapore home sales surge to 4-month high

SINGAPORE • Singapore home sales jumped to the highest in four months in March amid signs the property market is recovering.

Developers sold 716 units, the Urban Redevelopment Authority said yesterday. That’s more than a revised 384 units in February 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 3.1% in the first quarter, the biggest gain in almost eight years.

“This is still a low number,” said Christine Li, a director of research at Cushman & Wakefield Inc.

“Many developers are not pushing as many apartments in the market as they could because they are hoping for higher prices,” she said, forecasting bigger gains in coming months. — Bloomberg