Couldn't find that property so it is probably not possible. As a workaround I guess it is sufficient to ensure that the Height of the label is not higher than one single-line (perhaps also taking into account text-size).
Sub setLabelSingleLine(viewArg As View, singleLineArg As Boolean)
Dim jo As JavaObject = viewArg
jo.RunMethod("setSingleLine", Array As Object(singleLineArg))
End Sub
I would love to see more and more of these secondary functions become native B4A methods, so we can use fewer reflector/JavaObject workarounds.