Singapore's Q3 Private Property Prices Rise 8.0%: URA

Source : Channel NewsAsia, 01 October 2007

Prices of private residential properties in Singapore rose 8.0 percent in the three months to September and more land may be released for development if demand stays strong, the Urban Redevelopment Authority (URA) said Monday.

The September quarter's price rise, based on preliminary data, followed an 8.3 percent increase in the June quarter, added the URA, which is responsible for land use planning in the Republic.

"The government will continue to monitor prices closely," the URA said.

The government will make available more sites for private residential development next year if demand remained strong.

Singapore's property market is booming after years of weakness following a regional financial crisis, which began in mid-1997.

A strong domestic economy and efforts by the wealthy city-state to raise its competitiveness, including a decision to build two multi-billion-dollar integrated resorts, have helped perk up the property market. - AFP/ch