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Thread: S'pore's Q1 home prices rise 4.6%

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    Default S'pore's Q1 home prices rise 4.6%

    April 2, 2007, 12.52 pm (Singapore time)

    S'pore's Q1 home prices rise 4.6%


    SINGAPORE - Singapore home prices rose 4.6 per cent in the first three months of the year, climbing the 12th quarter in a row, the government real estate agency said on Monday.



    URA's initial estimate of the price index for private residential homes rose to 136.2 points for the January-March period, from 130.2 in the previous three-month period.


    The Urban Redevelopment Authority (URA) said its initial estimate of the price index for private residential homes rose to 136.2 points for the January-March period, from 130.2 in the previous three-month period.

    The first-quarter gain follows a 3.8 per cent rise in the last three months of 2006.

    The index rose 9.8 per cent across the island republic for the whole of last year.

    Singapore's property sector recovery gained momentum after the government introduced measures in July 2005 to ease real-estate financing rules and foreign investment.

    Last month, CapitaLand and its Hong Kong partner Sun Hung Kai Properties said they had set a new pricing benchmark for Singapore residential property by selling some units in their downtown development for more than $4,000 (US$2,639) per square foot.

    The advance estimate is compiled from transaction prices lodged during the first 10 weeks of the quarter, supplemented by information on the number of new units booked. The URA will release the official price index on April 27. -- REUTERS

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    Default URA Releases Flash 1st Quarter 2007 Private Residential Property Price Index

    2 April 2007

    URA Releases Flash 1st Quarter 2007 Private Residential Property Price Index


    The Urban Redevelopment Authority (URA) released today the flash estimate of the price index of private residential properties for 1st Quarter 2007.

    Based on the flash estimate, prices rose from 130.2 points in the 4th Quarter 2006 to 136.2 points in the 1st Quarter 2007. This represents an increase of 4.6%, compared with the 3.8% increase in the previous quarter (see Annex A).

    URA had in January 2007 released for the first time more detailed data on the private housing market for three geographical regions to enable the public to have a better understanding of trends in different segments of the private housing market. URA released today the flash estimates of the price changes in these three regions for 1st Quarter 2007. Prices of non-landed private residential properties increased by 5.6% in the Core Central Region, 2.9% in Rest of Central Region and 2.6% Outside Central Region in the quarter (see Annex B).

    The flash estimates are compiled based on transaction prices given in caveats lodged during the first ten weeks of the quarter supplemented by information on the number of new units booked. The statistics will be updated four weeks later in the 1st Quarter 2007 real estate statistics when more data on the caveats lodged and the take-up of new projects are captured. Past data have shown that the difference between the quarterly price changes indicated by the flash estimate and the actual price changes could be significant when the change is small. The public is advised to interpret the flash estimates with caution.


    --------------------------------------------------------------------------------

    For media enquiries, please contact:

    Ms Serene Tng
    Manager, Public Relations
    DID: 6329 3224
    Email: [email protected]
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    Default Price index of private residential properties up

    April 2, 2007, 2.13 pm (Singapore time)

    Price index of private residential properties up


    THE price index of private residential properties for the first quarter of this year has gone up.

    Based on the flash estimate released by the Urban Redevelopment Authority (URA) on Monday, prices rose from 130.2 points in the fourth quarter last year to 136.2 points in the first quarter this year. This is an increase of 4.6 per cent, compared with the 3.8 per cent increase in the previous quarter.

    Data on the private housing market for three geographical regions indicate that prices have headed north. Prices of non-landed private residential properties increased by 5.6 per cent in the Core Central Region, 2.9 per cent in Rest of Central Region and 2.6 per cent Outside Central Region in the quarter.

    URA first released the detailed data on the private housing market in January this year. Its aim is to enable the public to have a better understanding of trends in different segments of the private housing market.

    The flash estimates are compiled based on transaction prices given in caveats lodged during the first ten weeks of the quarter supplemented by information on the number of new units booked.

    'Past data have shown that the difference between the quarterly price changes indicated by the flash estimate and the actual price changes could be significant when the change is small,' the URA said. It advised the public to interpret the flash estimates with caution.



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    Default Private home prices up 4.6% in first quarter 2007: URA flash estimates

    Private home prices up 4.6% in first quarter 2007: URA flash estimates

    By Daryl Loo, Channel NewsAsia | Posted: 02 April 2007 2318 hrs


    SINGAPORE: Prices of private residential properties have continued to climb - marking their largest quarterly gains in seven years during the first three months of the year.

    According to initial estimates out today, private home prices rose by 4.6 per cent, compared to the previous quarter.

    The high end sector continued to lead the climb in private home prices in the first quarter of this year.

    Apartments in the newly-defined Core Central Region booked the biggest jump of 5.6 per cent.

    The region includes Sentosa, Marina Bay, and postal districts 9, 10, and 11.

    "Due to the spate of collective sales, we are seeing more and more projects in the price range of $2000 to $3000 per square foot being launched. And confidence breeds confidence, so developers are continuously putting up projects at higher and higher prices. And the robust demand from foreigners has continued to give support to this price rise," said Tay Huey Ying, Director of Research, Colliers International.

    Prime properties sold at above $2000 per square foot during the period include units at St Regis Residences and The Orchard Residences, both in the Orchard area.

    In the rest of the Central Region, prices rose by 2.9 per cent - while properties outside the Central Region saw a climb of 2.6 per cent.

    "We're actually seeing the bullish price growth in the luxury and high-end tiers filtering down to the lower tiers, and this is becoming more broad-based. So the broad-based recovery in prices will lift property prices further in the coming quarters," said Tay.

    Analysts say that for the whole year - private home prices could climb by about 15 per cent - up from 10.2 per cent last year.

    In the HDB resale sector, prices rose 1.2 per cent in the first quarter - marking the highest increase in nearly three years.

    The HDB price index showed a reading of 104.8 in the first quarter - up 1.2 per cent from the previous quarter.

    And property agents expect the uptrend to continue, partly because of relaxed subletting rules which allow more flat-owners to rent out their flats.

    "With the revision of the subletting rules, owners of the flats can actually sublet their homes while waiting for property prices to improve. As such, because of the shortage of resale flats in the market, the prices will definitely increase," said Marcus Chu, Senior Vice President, ERA.

    Updated reports from URA and HDB will be released in about a month. - CNA/yy

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    Default Q1 pte home prices rise 4.6%

    April 2, 2007, 9.58 pm (Singapore time)

    Q1 pte home prices rise 4.6%


    PRIVATE home prices have posted their biggest jump in seven years, bringing them close to their last peak in 2000.

    The good news is that the price growth is now more widespread, with homes outside the prime districts also seeing solid gains.

    Prices of all private homes rose 4.6 per cent between January and March this year, according to the latest official estimates from the Urban Redevelopment Authority. This is up from 3.8 per cent in the previous quarter.

    Prices have now been rising for three straight years and are just 3 per cent shy of the 2000 peak.

    High-end condominiums in areas like Orchard Road and Sentosa still led the price rise, jumping 5.6 per cent.

    But the values of cheaper homes also grew at an accelerated pace.

    In city-fringe areas, prices of non-landed homes went up 2.9 per cent, while in suburban districts they rose 2.6 per cent.

    As for public housing, HDB resale prices inched up 1.2 per cent, the most in 21/2 years.

    Property consultants expect home prices to keep strengthening throughout the year but they are divided as to how much prices will rise and why.

    Consultants such as Ms Tay Huey Ying, director of research and consultancy at Colliers International, believe the recovery has become more broad-based.

    Price gains in the booming high-end segment are now 'firmly filtering down to the lower tiers, including the mass market', she said.

    Ms Tay added that home buyers in all sectors have also become more confident after the Government indicated that Singapore's population may grow to 6.5 million.

    She expects broad-based growth to boost private home prices by 15 to 18 per cent for the whole year. They rose 10.2 per cent last year.

    However, other experts believe the price recovery remains confined mainly to the high-end sector.

    While homes outside the prime areas are doing better, it is mainly because of a few popular projects rather than a widespread spillover from the luxury segment, said Mr Li Hiaw Ho, executive director of CB Richard Ellis Research.
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