| SINGAPORE : The prices of HDB resale flats and private residential properties have shown an increase in the months of April to June this year.
HDB resale flats registered a 1.1 percent growth over the previous three months of January to March.
The price index has been showing an upward trend since the second quarter of last year.
As for private properties, the Urban Redevelopment Authority says prices rose by 1.6 percent over the last quarter.
Several factors are cited for the increase in prices, including a strong Singapore economy and better job opportunities.
The demand for HDB flats in good locations, coupled with short supply, contributed to the price increase.
The slowing down of the Walk-in-Selection scheme is another factor for the price increase.
Analysts said that HDB launched only 897 flats in the second quarter of this year, compared to 3,297 flats in the same period last year.
Four-room flats in good locations with excellent transport and social amenities were the top seller, commanding prices of up to S$20,000 above valuation, says Mr Eugene Lim, the Vice President of ERA Singapore.
Luxury homes took the lead in setting new records in prices and sales, with foreigners buying such properties for investment or as residences.
Other new projects and resale property sales also led to the increase in prices in the private property segment.
St Regis Residences' launch recently set a new benchmark for private properties with prices at S$3,000 per square foot. This is 25 percent above the 1997 record of S$2,400 per square foot.
Analysts predict prices of HDB and private residential properties will increase, buoyed by Singapore's sustained economic growth. - CNA/ms |
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