SINGAPORE: Singapore home sales rose the most in four months, rebounding from a lull after the launch of a range of suburban projects fuelled purchases.

       Developers sold 718 private residential units in March, the most since November, figures from the Urban Redevelopment Authority showed yesterday.

       That’s more than the number of new homes sold in the previous three months combined.

       The question remains whether the recovery will be sustained in a market that has been cooling in recent months, hurt by high interest rates, an influx of supply and curbs that have curtailed demand from foreign buyers.

       New launches were a key driver of sales in March, with a suburban condominium project, Lentor Mansion, making up more than half of transactions.

       Citigroup Inc has said the strong take-up of the project is likely a “one-off”, while developers of high-end properties are increasingly introducing large discounts to sell off their inventories.

       That includes a condo on Sentosa, a resort island in Singapore’s south, where units are being offered at discounts over 40% from their initial launch price.

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       Local demand has helped to prop up residential values. Private home prices climbed 1.5% in the first quarter from the previous three months, preliminary estimates showed earlier this month. —Bloomberg