Relentless Rise of Property Prices Woh!

[makapaaa]

Price of private residential properties up by 5.6% in Q1 2010
By Mok Fei Fei | Posted: 23 April 2010 1500 hrs
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SINGAPORE: Private home prices continue to rise first quarter this year but at a slower pace.

Final data released by the Urban Redevelopment Authority (URA) showed that prices were up 5.6 per cent slightly higher than the initial estimate of 5.1 per cent.

But the rate of price growth has moderated from the 7.4 per cent increase recorded in the fourth quarter last year.

URA said private home prices rose across all segments.

Those in the city cost 4.4 per cent more while prices of homes in the city fringe rose by 7.9 per cent.

Prices of suburban homes also climbed 4.3 per cent in the first quarter.

Meanwhile, URA said rentals of private residential properties increased by 4.7 per cent.

The first quarter also saw developers placing 4,372 new units for sale, almost twice the number of units launched in the previous quarter.

The number of sub-sales transaction also rose by 4.5 per cent on-quarter to 806 in the first quarter.

In percentage terms, sub-sales accounted for 8.5 per cent of all sale transactions in the first three months of the year, compared to 11.6 per cent in the previous quarter

Sub-sales, which refer to re-sales that occurred before the completion of a project, are usually used as an indicator of speculative activities. - CNA/vm

 

[makapaaa]

Prices of HDB resale flats continue to climb
By Claire Huang | Posted: 23 April 2010 1422 hrs
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SINGAPORE : Data released by the Housing and Development Board (HDB) showed that its resale price index in the first quarter this year stood at 155.

That's an increase of 2.8 per cent over the previous quarter, slightly higher than HDB's preliminary forecast of a 2.7 per cent rise.

In the last quarter of 2009, the resale price index came in at a record high of 150.8.

Also, the median Cash-Over-Valuation (COV) amount in the first quarter stood at S$25,000, up by S$1,000 compared to the previous quarter.

This is in contrast with the median COV in the fourth quarter of 2009, which doubled to S$24,000 from the previous quarter.

Resale flats in Bishan attracted the highest median COV of S$32,000, followed by those in Marine Parade and Sengkang.

Meanwhile, resale volume has stabilised at 8,500 transactions for the full quarter.

That's about 5 per cent lower compared to the fourth quarter of 2009, which registered 8,926 cases.

To meet demand, HDB said it plans to launch about 12,300 new Build-To-Order (BTO) flats by September this year.

It added that more projects will be launched later this year if demand is sustained.

HDB has launched some 5,100 new BTO flats over the last four months. Flat buyers can look forward to another 1,100 BTO flats in Yishun and Jurong West in May.

In addition, a Punggol Executive Condominiums housing site on the Reserve List of the Government Land Sale Programme will also be put up for tender early next month.

HDB said the median sublet rents for the first three months of 2010 remained stable, with slight increases for 2-room and 5-room flats.

Subletting transactions increased by about 70 per cent to 6,600 cases in the first quarter of 2010 from the previous quarter.

More HDB flats have also been approved for subletting - from 24,300 in the fourth quarter of 2009 to 27,300 units in the first quarter of this year.

HDB said the increase in transaction volume could be due to a higher number of renewal cases, higher demand for subletting of flats and greater public awareness of need to seek HDB's authorisation for subletting of whole flats.

- CNA/il