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S’pore’s private home prices soar to 10-year high in Q3

Prices went up by 8% in July to Sept, more land may be released to meet demand

PRICES of both public and private homes in Singapore, continuing the upward trend, reached their highest level in a decade, early government estimates for the period July to September showed on Monday.

The Urban Redevelopment Authority (URA) said the price index for private residential properties rose 8 per cent, while that for HDB homes jumped 6.5 per cent for the same period.

The third-quarter gain for private homes follows an 8.3 per cent rise in the last quarter, and comes amid moves by the government to stabilise the property market by revising development charges, and tightening rules of collective sales.

Prices of non-landed private homes in the core region – which includes districts 9, 10 and 11 – went up 8.3 per cent, while in the rest of the central region it rose 7.7 per cent, and in the Outside Central Region, by 8.1 per cent.

The URA also said that about 43,000 new units of private housing are expected to be completed in the second half of 2010. Of these, about 19,000 units of these (46 per cent) have not been launched for sale by developers yet.

The URA is currently reviewing its Government Land Sales (GLS) Programme for the first half of next year and will announce details by year end.

It assured home buyers that there is an ‘ample pipeline supply of private housing’ and advised them to take this into consideration in their property decisions.

‘The government will continue to monitor prices closely,’ the URA said, adding that ‘the government will make available more sites for private residential development’ next year if demand remained strong.

Separately, the HDB also said on Monday that it will be increasing the supply of new flats, with 4,500 new units under its Build-To-Order system to come on stream in the next six months.

The jump in HDB home prices comes after a 3 per cent rise in the last quarter – which was until now, the biggest quarter-on-quarter increase since 1999.

The HDB added that it plans to release three new Design, Build and Sell Scheme (DBSS) sites with a combined yield of about 1,500 units in central and eastern Singapore over the same period – subject to market demand.

The advance estimates are compiled from transaction prices lodged during the first 10 weeks of the quarter as well as data from new apartments that have been booked.

URA and HDB’s official third-quarter statistics will be released at the end of October.


Source: The Straits Times 1 Oct 07

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