Q3 prices of resale flats up 4.2%; that of private property down 1.8%

Prices of resale flats rose a preliminary 4.2 per cent in the third quarter of this year.

HDB said on Thursday that the figure is just slightly lower than the 4.5 per cent increase in the second quarter.

For the year-to-date, prices of resale flats have risen almost 13 per cent.

HDB said it has to date launched about 5,000 of the planned supply of 8,400 Build-To-Order (BTO) flats for 2008.

Subject to demand, HDB plans to offer another 3,400 new flats under the BTO system in the remaining months in towns such as Punggol, Sengkang and Yishun.

The new BTO flat supply will be in addition to the sale exercises offering balance flats from previous offers.

HDB will provide more details of the BTO flats when the projects are launched.

It said it will continue to monitor the market situation closely, and new sites will be launched based on assessed market demand.

Unlike resale flats, prices of private property declined in the third quarter.

Flash estimates from the Urban Redevelopment Authority (URA) of Singapore, showed that prices fell 1.8 per cent from the second quarter – the first quarterly contraction in more than four years.

URA also released on Thursday the flash estimates of the price changes in the three geographical regions.

For the third quarter, prices of non-landed private residential properties decreased by two per cent in Core Central Region and 2.1 per cent in Rest of Central Region.

Prices of non-landed properties outside the Central Region rose 0.1 per cent.

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 four weeks later when URA releases the full third quarter real estate statistics, when more data on the caveats lodged and the take-up of new projects are captured.

Source : Channel NewsAsia – 2 Oct 2008

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