Real estate price growth in Singapore continues to slow in Q1

09:16, April 26, 2011      

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Real estate price growth in Singapore continued to slow in the first quarter, official statistics released on Monday showed.

The Housing and Development Board (HDB), the government agency responsible for developing and building houses for the most of the population in Singapore, said the resale prices for HDB flats increased 1.6 percent in the first quarter, compared with 2.5 percent in the previous quarter.

Cash-over-valuation premiums also dropped 9 percent to 21,000 Singapore dollars (16,935 U.S. dollars) in the first quarter, but still 96 percent of the transaction were done above the valuation. The number of resale transactions fell by about 4 percent to 6,228 cases in the first quarter.

About 80 percent of the population in Singapore live in government-built flats, which can only be re-sold after a minimum holding period.

Real estate prices surged last year as the economy pulled out of the downturn, prompting the government to put in place several rounds of cooling measures.

The HDB on Monday also launched 3,185 build-to-order flats, the largest supply of subsidized housing in a single launch since 2002, saying that at least 95 percent of the units will be allocated to first-time owners.

Another 6,070 flats will be up for sale in May and June, it added.

Separate statistics released on Monday by the Urban Redevelopment Authority (URA) showed private home prices grew 2.2 percent in the first quarter, compared with the growth of 2.7 percent in the previous quarter. It was also the sixth straight quarter of slowdown in the growth of private home prices.

The prices of non-landed residential properties rose 1.7 percent in the first quarter, slightly lower than the 1.8 percent growth in the previous quarter.

Landed home prices rose 3.9 percent, down from 5.5 percent in the previous quarter.

Meanwhile, rentals of private residential properties rose 1.2 percent, while rentals for industrial properties rose 6.3 percent, followed by office space rentals, up 5.4 percent, and shop rentals, up 0.8 percent, respectively.

Source: Xinhua
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