Results 1 to 3 of 3

Thread: S'pore's home prices rise 4.8% in Q1

  1. #1
    joe
    Guest

    Default S'pore's home prices rise 4.8% in Q1

    April 27, 2007, 1.22 pm (Singapore time)

    Last updated: 2.22 pm

    S'pore's home prices rise 4.8% in Q1


    SINGAPORE - Singapore's home prices chalked up their biggest gains in over seven years, rising 4.8 per cent in the January to March period from the previous quarter led by the luxury segment, officials figures showed on Friday.

    The Urban Redevelopment Authority (URA), said its price index for private homes rose to 136.5 points in the first quarter from 130.2 points in the Oct-Dec period last year. This is a 16.5 per cent increase from the first quarter a year ago.

    Prices for private apartments in the republic's prime central district rose at a faster pace during the first quarter, climbing 5.5 per cent compared to the more modest 2 per cent gain chalked up by flats in the rest of the island republic.

    Private home rents also grew at a faster pace between January and March, growing 7.6 per cent compared to 5.3 per cent in the last three months of 2006. Singapore's property market 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$2,644) per square foot.

    The URA said office space rents grew 10.4 per cent in January-March, moderating slightly from 11.6 per cent in the last quarter of 2006. -- REUTERS


    http://www.ura.gov.sg/pr/text/2007/pr07-42.html

  2. #2
    Happy Man
    Guest

    Default Re: S'pore's home prices rise 4.8% in Q1

    Quote Originally Posted by joe
    April 27, 2007, 1.22 pm (Singapore time)

    Last updated: 2.22 pm

    S'pore's home prices rise 4.8% in Q1


    SINGAPORE - Singapore's home prices chalked up their biggest gains in over seven years, rising 4.8 per cent in the January to March period from the previous quarter led by the luxury segment, officials figures showed on Friday.

    The Urban Redevelopment Authority (URA), said its price index for private homes rose to 136.5 points in the first quarter from 130.2 points in the Oct-Dec period last year. This is a 16.5 per cent increase from the first quarter a year ago.

    Prices for private apartments in the republic's prime central district rose at a faster pace during the first quarter, climbing 5.5 per cent compared to the more modest 2 per cent gain chalked up by flats in the rest of the island republic.

    Private home rents also grew at a faster pace between January and March, growing 7.6 per cent compared to 5.3 per cent in the last three months of 2006. Singapore's property market 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$2,644) per square foot.

    The URA said office space rents grew 10.4 per cent in January-March, moderating slightly from 11.6 per cent in the last quarter of 2006. -- REUTERS


    http://www.ura.gov.sg/pr/text/2007/pr07-42.html

    Cheong ah!
    Whack already man!

  3. #3
    Any complaints please PM me
    Join Date
    May 2006
    Posts
    8,129

    Default Private home prices up 4.8% in first quarter of 2007: URA report

    Private home prices up 4.8% in first quarter of 2007: URA report

    By Daryl Loo, Channel NewsAsia | Posted: 28 April 2007 0032 hrs


    SINGAPORE: Prices of private residential properties marked their largest quarterly gains in seven years, during the first three months of the year.

    According to numbers out on Friday, private home prices rose by 4.8 per cent in the first quarter, compared with the previous three months.

    For HDB resale flats, prices rose by a more modest 1.25 per cent.

    According to the Urban Redevelopment Authority (URA), prices of homes in the core central region booked the biggest jump of 5.5 per cent, while those in the rest of the central region were up by 3.7 per cent.

    For properties outside these areas, the increase was 2 per cent.

    While the high end luxury segment continues to lead the increase, property analysts say it is starting to filter down to the other sectors.

    Eugene Lim, Assistant Vice President, ERA Realty, says, "In the recent launches of projects just outside the Core Central Region, we also see very good take-up and very good prices achieved for these projects.

    "For example if you look along the Meyer, Amber region, the recent launch of [email protected] was very well received. And also if you look at the Buona Vista area, the One-North Residences was also very well received when it was launched. This tells us that the optimism has filtered out."

    Market watchers also add that the hike in prices is partly being driven by househunters looking for replacement homes after the recent spate of en-bloc sales.

    "Over the last two years, some 6000 units were lost through en-bloc sales. Most of these [were] in the central area, districts 9, 10, 11. For most of these so-called 'en bloc sellers', many of them have stayed in these areas for a very long time. And for most of them their first criteria would of course be to try and find a similar replacement for their units," says Mr Lim.

    Overall, rental of private homes also recorded a significant rise in the first quarter, up 7.6 per cent compared with 5.3 per cent the previous quarter.

    "For the expat household, they're probably facing a much higher rental increase. Probably I estimate around 20%. If this trend continues, it's a little bit worrying. On the one hand we have office rental costs rising, and now we have the accommodation costs rising as well," says Colin Tan, Head of Research, Chesterton International.

    According to the URA, office rentals rose 10.4 per cent in the first three months of this year. - CNA/yy

Similar Threads

  1. S'pore private home prices rise 2.5% m/m in May: NUS
    By mr funny in forum Singapore Private Condominium Property Discussion and News
    Replies: 54
    -: 08-07-11, 14:36
  2. S'pore private home prices rise 3.7% in Q1
    By mr funny in forum Singapore Private Condominium Property Discussion and News
    Replies: 154
    -: 07-05-08, 19:25
  3. S'pore's home prices rise 7.9% in Q2
    By mr funny in forum Singapore Private Condominium Property Discussion and News
    Replies: 8
    -: 03-07-07, 15:06
  4. S'pore's Q1 home prices rise 4.6%
    By mr funny in forum Singapore Private Condominium Property Discussion and News
    Replies: 4
    -: 03-04-07, 00:39
  5. CityDev says S'pore home prices may rise 20% in 2007
    By mr funny in forum Singapore Private Condominium Property Discussion and News
    Replies: 0
    -: 05-01-07, 19:14

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •