Singapore home prices rise 7.9% in Q2

S’pore’s home prices rise 7.9% in Q2 
Singapore home prices rose 7.9 per cent between April and June, compared to 4.8 per cent in the first quarter, the URA said. — ST PHOTO: ALPHONSUS CHERN
 
SINGAPORE home prices rose 7.9 per cent between April and June, compared to 4.8 per cent in the first quarter, and climbed for the 13th quarter in a row, the Urban Redevelopment Board (URA) said.
The Urban Redevelopment Authority (URA) said on Monday the price index for private residential homes rose to 147.3 points for the three months ended June, from 136.5 in the previous three-month period, according to its initial estimate.

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

Compared to the second quarter of 2006, when the index stood at 122.1 points, home prices are up 20.6 per cent.

The URA also said that the government will ensure that there will be sufficient supply of residential space to meet demand and pointed at the government land sales programme for the second half of 2007, which will create a potential supply of about 8,000 units of private housing and executive condominium housing.

‘If necessary, the government will make available even more sites for private residential development’ through its land sales programme next year, the URA said.

URA also said that in addition to the new sites released for development, there are about 42,200 new units of private housing that will be completed from the second half of 2007 to 2010. About 22,700 of these units have not been sold by developers yet.

‘Prospective home-buyers should take into consideration the sufficient pipeline supply of private housing, as well as the potential supply from government land sales sites, when deciding to make a property purchase,’ the URA said.

Singapore’s property sector recovery gained momentum after the government introduced measures in July 2005 to ease real-estate financing rules and foreign investment.
Source : The Straits Times, 02 July 2007

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