More positive signs for property market

Sales of new private homes surged 165 per cent last month from a year earlier, in yet another sign of positive sentiment in the local property market.

Developers sold 1,241 units last month, up from 468 a year earlier, according to Urban Redevelopment Authority data released yesterday.

Analysts say that buying momentum continues to pick up as the level of unsold stock from earlier launches slides. Developers also continue to put in aggressive bids for sites.