Price of private residential properties up by 5.6% in Q1 2010

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.

Source : Channel NewsAsia – 23 Apr 2010

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