The Urban Redevelopment Authority (URA) is working towards releasing the nett prices of individual units sold by developers on its website in H1 2015, as the government continues to make improvements to its property market data.
In a forum reply issued yesterday, URA said its Property Price Index (PPI), which covers the private housing market including uncompleted and landed properties, provides the public with a broad indication of price trends in the private residential market.
Sin Lye Chong, URA’s Group Director of Land Sales and Administration, said, “To compute the PPI, we use data from caveats lodged with the Singapore Land Authority (SLA) for subsales and resales. For new sale transactions, we have complete data on property prices from a regular survey of developers. All discounts and rebates provided by developers are deducted to derive the nett prices.”
Besides the PPI, potential home buyers can also view the transaction prices of individual private homes on the URA website.
Sin added other property price indices which track the private housing market have different methodologies and coverage and hence, the resulting price changes may vary.
Earlier this month, URA said it is reviewing the need to revise the index, in view of the revision of HDB’s resale price index (RPI).
The HDB resale price index (RPI) will be updated to make it more representative of the variety of flats on the resale market, such as proximity to amenities, age, and floor level.
Image source: Singapore Department of Statistics
Muneerah Bee, Senior Journalist at PropertyGuru, wrote this story. To contact her about this or other stories email muneerah@propertyguru.com.sg
