Singapore private home prices rose 8.3 per cent between July and September to their highest level in a decade, but fewer uncompleted residential units were sold versus the previous quarter, government data showed on Friday.
Prices of non-landed properties rose 8.3 per cent in Q3 2007, compared with the 8.4 per cent increase in the previous quarterThe Urban Redevelopment Authority (URA) said there was more supply in the pipeline to meet the overall rise in property demand, adding that there remained a number of residential projects with 'a significant number' of unsold units.
Related Link - http://www.ura.gov.sg/pr/text/2007/pr07-118.html
URA's news release
The government agency's price index for private residential homes rose to 160.0 for the three months ended September, from 147.8 in the previous three-month period.
Private home prices also rose by 8.3 per cent rise in the April-June period.
Private apartments in Singapore's core prime districts continued to lead the price gains although homes in the rest of the country also commanded higher prices.
A total of 3,367 uncompleted private units were sold by developers in the third quarter, down from 4,820 units in the April to June period.
Analysts said lower sales reflected investor unease following the sub-prime mortgage debt fallout in the US, as well as government moves to cool property prices that include hikes in redevelopment charges for real estate firms such as CapitaLand and City Developments.
Private home rents rose 11.4 per cent in the July to September period, a slightly higher rate than the second quarter's 10.4 per cent.
Office rents rose 14.8 per cent in the third quarter, higher than the 11 per cent increase recorded in the previous three months and bringing the total rise over the nine months since the start of the year to 40.7 per cent.
The URA said it would make more sites available for development into office buildings next year to further boost supply. -- REUTERS
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