(Bloomberg) -- Sales of private apartments in Singapore fell in December as fewer new developments were launched, in a further sign the property market is cooling.

Developers sold 538 units last month, down from 1,165 in November, Urban Redevelopment Authority data released Wednesday showed. The decline came as fewer projects were launched, with 370 new apartments hitting the market -- the lowest for all of 2019 -- versus 947 in November.

Private home prices rose just 0.3% last quarter, down from the previous quarter’s 1.3% gain, signaling government cooling measures imposed in July 2018 continue to weigh on the market.

The property market is also groaning under a glut of about 32,000 unsold apartments, which the central bank and developers have warned may push prices down further.

To contact the reporter on this story: Faris Mokhtar in Singapore at fmokhtar1@bloomberg.net

To contact the editors responsible for this story: Katrina Nicholas at knicholas2@bloomberg.net, Peter Vercoe, Candice Zachariahs

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