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Friday, July 2, 2010

S'pore property prices jump to record high

SINGAPORE: Singapore real estate prices jumped to a record high in the second quarter as the city-state's economic recovery broadened.

Private residential property prices rose 5.2 per cent in the April-to-June period to the highest level since the government began the index in 1975, the Urban Redevelopment Authority said yesterday.

Prices leapt 5.6 per cent in the first quarter and 7.4 per cent in the fourth, bouncing back strongly after diving 25 per cent in the 12 months to mid-2009.

Singapore's low crime rate, good schools and low personal and corporate taxes have helped the island rank near the top of expatriate global quality-of-life surveys and attracted investors to the residential and office property markets. Singapore opened its first two casino-resorts this year, boosting tourist visits.
Singapore has sought to slow price gains by implementing a series of measures this year to discourage short-term speculative investment in property.

The government earlier this year imposed a 1 per cent to 3 per cent tax on residential properties sold within one year of purchase and lowered the loan-to-value limit to 80 per cent from 90 per cent on loans for private housing. Officials have also pledged to release more government land this year for real estate development to help boost housing supply.


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