mr funny
17-07-07, 04:35
July 16, 2007
Average prices far below records, show URA, HDB
PRICES in the sizzling property market recently smashed all records, but in reality average property prices are far below that, the latest figures released by the government showed on Monday.
For the first time, both the Urban Redevelopment Authority (URA) and the Housing Board (HDB) released specific data on residential properties in a bid to improve transparency in the bullish market.
The median, lowest and highest price of units sold in uncompleted private residential projects in June was published by the URA on its website on Monday.
Meanwhile, the HDB released average resale prices and average cash-over-valuation (COV) figures for its flats by region and flat type for the second quarter.
The COV is the cash difference of the transacted resale price and market valuation of an HDB unit.
This latest move follows concerns voiced by National Development Minister Mah Bow Tan in May's Parliament session that record prices reported in the media 'may not paint the full picture' or be representative of the average prices of these units.
Mr Mah said then that this information would 'further improve the transparency and efficiency of the Singapore property market and help buyers and sellers make more informed decisions.'
URA's new online service also includes the number of units launched, sold in the month, and sold to date for each new private development.
The information, which is obtained through a survey of all the private developers, will be updated on the 15th of every month until further notice.
URA also launched a new online 'Home Buyers Guide' which takes first-time buyers through the process of buying private properties.
Read the full report in Tuesday's edition of The Straits Times.
Average prices far below records, show URA, HDB
PRICES in the sizzling property market recently smashed all records, but in reality average property prices are far below that, the latest figures released by the government showed on Monday.
For the first time, both the Urban Redevelopment Authority (URA) and the Housing Board (HDB) released specific data on residential properties in a bid to improve transparency in the bullish market.
The median, lowest and highest price of units sold in uncompleted private residential projects in June was published by the URA on its website on Monday.
Meanwhile, the HDB released average resale prices and average cash-over-valuation (COV) figures for its flats by region and flat type for the second quarter.
The COV is the cash difference of the transacted resale price and market valuation of an HDB unit.
This latest move follows concerns voiced by National Development Minister Mah Bow Tan in May's Parliament session that record prices reported in the media 'may not paint the full picture' or be representative of the average prices of these units.
Mr Mah said then that this information would 'further improve the transparency and efficiency of the Singapore property market and help buyers and sellers make more informed decisions.'
URA's new online service also includes the number of units launched, sold in the month, and sold to date for each new private development.
The information, which is obtained through a survey of all the private developers, will be updated on the 15th of every month until further notice.
URA also launched a new online 'Home Buyers Guide' which takes first-time buyers through the process of buying private properties.
Read the full report in Tuesday's edition of The Straits Times.