SINGAPORE (May 15): Sales of private homes by developers in Singapore fell about 53% in April from the same month a year ago, government data showed on Tuesday.

Data compiled by the Urban Redevelopment Authority showed developers sold 729 units last month, compared with 1,567 units in the same month last year.

April's level of sales is slightly higher than the 716 units sold in March.

Singapore’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 3.9% in the first quarter, the biggest gain in almost eight years.

“The sales momentum continues to catch on as there is ample supply to fuel it,” says Desmond Sim, head of research for Singapore and Southeast Asia at CBRE Group Inc.

“I expect the same for the coming months so that full-year numbers will exceed those of 2017.”