Average mass market home prices hit S$1 million

Average prices of mass market homes in suburban areas have exceeded the psychological threshold of S$1 million, according to a Straits Times report.

Data compiled by Ku Swee Yong, Chief Executive of International Property Advisor, and the Singapore Condo agency showed that values for new and resale private units in the second quarter averaged S$1 million, up from S$970,000 over the same period last year.

Colin Tan, Head of Research at Chesterton Suntec International, said the S$1 million mark is a psychological threshold, and developers have been cautious not to price their units above that limit because of the difficulty to sell homes at that price.

Meanwhile, data compiled by the Singapore Condo agency showed that 3,931 apartments and condo units have been sold in the Outside Central Region (OCR) in the second quarter, with 28 percent of the total units sold at S$1,000 psf or above.

Vince Chen, Chief Investment Officer of Singapore Condo, said more than four percent (around 175) of the units transacted fetched above S$1,300 psf and more than half the units sold were still under construction. In addition, the latest figures from the Urban Redevelopment Authority (URA) indicate that developers sold 1,348 private homes in August.

Source : PropertyGuru – 23 Sep 2011

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