(Oct 30): Singapore office vacancies climbed to the highest in 12 years even as rents rebound, gaining for the first time in 10 quarters.

A gauge of office vacancy rates rose 0.9 percentage point to 13.3% in the third quarter, the highest since September 2005, data from the Urban Redevelopment Authority Friday showed. The office rental index added 2.4%.

Despite rising vacancies because of an oversupply of office space, there are signs the market has reached a turning point. Guocoland submitted the winning $1.62 billion bid last month for a site earmarked for office development in Singapore’s central business district, the highest price per square foot for land in the city.

Home prices rose 0.7% in the quarter, the data showed, more than the 0.5% advance in preliminary figures released Oct 2.

Rentals at shopping malls declined 0.2% while vacancies climbed 0.1 percentage point to 8.2%, the data showed.