Prices of private homes increased 15.8 percent in Q3, somewhat lower compared to Urban and Redevelopment Authority’s (URA) initial forecast of a 15.9-percent growth.
The rise in prices from July to September is a quick turnaround, snapping four straight quarters of fall from the 4.7-percent decline seen in Q2.
Non-landed private homes located in the city periphery areas contributed the largest increase in prices with 18.5 percent in Q3, while prices of private homes in prime districts only rose 15.2 percent, said the URA. In general, prices of private homes in Singapore rose 16.1 percent.
All three regions saw a 2 to 5 percent decline in prices for private homes in Q2. Meanwhile, prices for industrial, commercial and office properties dipped by 1.2 to 2.1 percent. Likewise, rentals of office, private residential, industrial and commercial properties decreased from 0.9 to 4.1 percent.
According to the URA, there is moderation in the decline of rental rates for all property sectors in Q3 as compared to Q2.
HDB resale prices also climbed 3.6 percent in Q3. Resale transactions rose about 14 percent to 11,649 cases from Q2. The average amount of Cash-Over-Valuation (COV) in all resale transactions increased to S$12,000, said the Housing and Development Board (HDB). With this trend, HDB said cases transacting beyond valuation also grew to 79 percent.
In the next two months, HDB assures the public of another 4,000 units under the Build-to-Order (BTO) project to be released in Dawson, Sembawang, Bukit Panjang and Punggol.
In conjunction with other sale exercises and units offered under the Design, Build and Sell Scheme, 2009 has a total flat supply of 13,500.
HDB has sworn to adjust its building plans accordingly and monitor demand to ensure adequate supply of new units.