Uncompleted home prices dip over ABSD: Knight Frank

The overall property price index grew 0.4 percent in Q2 2012 following a 0.1 percent decline in Q1, according to data from the Urban Redevelopment Authority (URA). This was mainly attributed to strong recovery of completed non-landed property prices, which was up 2.3 percent.

However, prices of uncompleted non-landed homes slipped 0.9 percent in Q2, indicating a moderation of current high prices as the additional buyer’s stamp duty (ABSD) takes into effect the foreign buying activity, said Knight Frank.

In addition, the supply of new homes in the market also increased during the period.

Meanwhile, high-end and mass market home prices increased marginally at 0.6 percent in the Core Central Region (CCR) and 0.4 percent in the Outside Central Region (OCR) on a quarterly basis, while mid-end home prices in Rest of Central Region (RCR) remained steady.

Based on a Knight Frank residential property basket, average prices of luxury and mass market homes reached S$2,256 and S$1,539 psf respectively in Q2, up 3.4 and 2.7 percent over the previous quarter.

On the other hand, mid-tier home prices fell 0.8 percent.

Source : PropertyGuru – 18 Sep 2012

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