S’pore’s private home prices rise 8.3% in Q2

S’pore’s private home prices rise 8.3% in Q2 
SINGAPORE’S private home prices climbed 8.3 per cent in April-June from the previous quarter to their highest level since the first quarter of 1998.
The Urban Redevelopment Authority (URA) said on Friday the price index for private residential homes rose to 147.8 for the second quarter, from 136.5 in the previous three-month period.

The second-quarter gain follows a 4.8 per cent rise in the first three months of 2007, prompting concern about possible overheating in the real estate market.

Last week, the URA raised its re-zoning tax on developers, a move that is expected to slow the city-state’s frenzied redevelopment.

The central bank said on Wednesday that it was increasingly concerned over the growing risk that rising property prices posed to the banking sector.

‘The banking sector exposure to the property and construction sector is significant,’ said Mr Heng Swee Keat, the managing director of the Monetary Authority of Singapore. — REUTERS

Source : Straits Times - 27 Jul 2007

Motor groups want COE supply cut »« Singapore URA gives sales details for 2 Reserve List sites