URA Releases Flash 3rd Quarter 2007 Private Residential Property Price Index

Source : Urban Redevelopment Authority (URA) News Release, 1 October 2007

The Urban Redevelopment Authority (URA) released today the flash estimate of the price index of private residential property for 3rd Quarter 2007.

Based on the estimated price index of private residential property, prices rose from 147.8 points in the 2nd Quarter 2007 to 159.6 points in the 3rd Quarter 2007. This represents an increase of 8.0%, compared with the 8.3% increase in the previous quarter (see Annex A).















URA also released today the flash estimates of the price changes in the 3 geographical regions for 3rd Quarter 2007. Prices of non-landed private residential properties increased by 8.3% in Core Central Region, 7.7% in Rest of Central Region and 8.1% in 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 sold. The statistics will be updated 4 weeks later when URA releases the full 3rd 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.

The Government will continue to monitor prices closely. The Government is currently reviewing the Government Land Sales (GLS) Programme for 1st half of 2008 and will announce the details at the end of 2007. The Government will make available more sites for private residential development through the GLS Programme next year if the demand continues to remain strong.

Currently, there are about 43,000 new units of private housing that are expected to be completed from 2H2007 to 2010. About 19,900 units of these (or 46%) have not been sold by developers yet. This does not take into account new GLS sites that will be made available for development. Prospective home-buyers should take into consideration the ample pipeline supply of private housing, as well as the potential supply from GLS sites, when making decisions on property purchase.

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For media enquiries, please contact:

Ms Serene Tng
Manager, Public Relations
DID: 6329 3224
Email: serene_tng@ura.gov.sg