SINGAPORE (Dec 17): CGS-CIMB is keeping the Singapore property sector at “overweight” on the back of a 23% month-on-month increase in home sales recorded in November. 

In a flash note on Monday, the brokerage notes that November was an “active month” in terms of primary homes sales -  with some 1,148 units, excluding executive condominiums, changing hands over the course of the month. This translated into a sell-through rate of 1.55 times. 

According to analyst Lock Mun Yee, more than half of the sales came from city fringe projects, while suburban projects constituted another 30%. 

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