ahlahdin
22-05-07, 01:28
Govt working with developers on fuller property sales figures
Posted: 21 May 2007 2339 hrs
SINGAPORE : The government will work with the Real Estate Developers Association to give more details of sales figures for new residential property launches.
This is to prevent buyers from getting a distorted picture of the property market.
National Development Minister Mah Bow Tan said the level of sub-sales in the first three months of this year was still a low 6.3 percent of total private home sales - compared to 28 percent in 1996 when property speculation was rampant.
But he warned that recent media reports of developers hitting record sale prices for projects could mislead homebuyers.
Mr Mah said, "While some of these high-priced transactions do take place, I am concerned that such reports may not paint the full picture and as a result mislead home purchasers. For example, such record prices could be for a few choice units with special attributes and not be representative of the transacted prices for most of the units in the project.
"I have therefore asked URA to work with REDAS to see how we can give a fuller picture of the range of transacted prices for all newly-launched private residential projects." - CNA/ms
Posted: 21 May 2007 2339 hrs
SINGAPORE : The government will work with the Real Estate Developers Association to give more details of sales figures for new residential property launches.
This is to prevent buyers from getting a distorted picture of the property market.
National Development Minister Mah Bow Tan said the level of sub-sales in the first three months of this year was still a low 6.3 percent of total private home sales - compared to 28 percent in 1996 when property speculation was rampant.
But he warned that recent media reports of developers hitting record sale prices for projects could mislead homebuyers.
Mr Mah said, "While some of these high-priced transactions do take place, I am concerned that such reports may not paint the full picture and as a result mislead home purchasers. For example, such record prices could be for a few choice units with special attributes and not be representative of the transacted prices for most of the units in the project.
"I have therefore asked URA to work with REDAS to see how we can give a fuller picture of the range of transacted prices for all newly-launched private residential projects." - CNA/ms