Singapore's home prices at 10-yr high
Singapore’s Q3 private home prices rose 8% to a 10-year high, buoyed by the city-state’s economic expansion.
By Agencies |
SINGAPORE: Singapore’s Q3 private home prices rose 8% to a 10-year high, buoyed by the city-state’s economic expansion.
The government said it may sell more land next year to ease demand. The price index of private residential property rose to 159.6 points in the three months ended September 30 from 147.8 points in the previous quarter, the Urban Redevelopment Authority said in an emailed statement on Monday.
Singapore’s economy is enjoying its longest expansion since 1991, driven by financial institutions and builders. Home prices have increased every quarter in the past 3½ years, according to data from the government agency.
The “property market is still going strong, especially in the private suburban residential property market segment, where average prices only” started to increase “significantly in 2007”, Nicholas Mak, director at Knight Frank in Singapore, said in an email. “For the whole of 2007, private home prices could increase by between 23% and 32%.”
The price index increased 8.3% in the three months ended June. Growth slowed for the first time since prices began to rise in the second quarter of 2004, government data showed. The government said it may put more residential sites up for sale when it reviews its land sale plan for 2008.
“The government will continue to monitor prices closely,” the authority said in the statement. “The government will make available more sites” next year “if the demand continues to remain strong”.
About 43,000 new homes are expected to be completed between now and 2010, the authority said. About 19,900 of these homes haven’t been sold by developers yet, it added, and more could be marketed as the government releases new sites.
The figures released by the Urban Redevelopment Authority are preliminary and based on transaction prices lodged during the first 10 weeks of the quarter. The statistics will be updated four weeks later, the authority said in the statement.
The government said it may sell more land next year to ease demand. The price index of private residential property rose to 159.6 points in the three months ended September 30 from 147.8 points in the previous quarter, the Urban Redevelopment Authority said in an emailed statement on Monday.
Singapore’s economy is enjoying its longest expansion since 1991, driven by financial institutions and builders. Home prices have increased every quarter in the past 3½ years, according to data from the government agency.
The “property market is still going strong, especially in the private suburban residential property market segment, where average prices only” started to increase “significantly in 2007”, Nicholas Mak, director at Knight Frank in Singapore, said in an email. “For the whole of 2007, private home prices could increase by between 23% and 32%.”
The price index increased 8.3% in the three months ended June. Growth slowed for the first time since prices began to rise in the second quarter of 2004, government data showed. The government said it may put more residential sites up for sale when it reviews its land sale plan for 2008.
“The government will continue to monitor prices closely,” the authority said in the statement. “The government will make available more sites” next year “if the demand continues to remain strong”.
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About 43,000 new homes are expected to be completed between now and 2010, the authority said. About 19,900 of these homes haven’t been sold by developers yet, it added, and more could be marketed as the government releases new sites.
The figures released by the Urban Redevelopment Authority are preliminary and based on transaction prices lodged during the first 10 weeks of the quarter. The statistics will be updated four weeks later, the authority said in the statement.
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