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Wednesday, January 4, 2012

Private home price hike continues to moderate

Price rises of resale HDB flats have moderated in the final quarter of 2011.

SINGAPORE: The rate of increase in private residential property prices continued to moderate for the 9th consecutive quarter, according to flash estimates by the Urban Redevelopment Authority.

The private residential property index rose from 205.7 points in the third quarter of 2011 to 206.2 points in the fourth quarter of 2011. This represents an increase of 0.2%, compared to the 1.3% increase in the previous quarter.

Prices of non-landed private residential properties increased by 0.5% in Core Central Region and by 0.6% in Outside Central Region in the quarter. There was no change in the prices in property prices in the Rest of Central Region.

In comparison, in the third quarter of 2011, prices of non-landed private residential properties increased by 0.7% in the Core Central Region, 1.2% in Rest of Central Region and 2.1% in Outside Central Region.

Meanwhile, price rises of resale Housing and Development Board (HDB) flats have moderated in the final quarter of last year, rising 1.7% compared to the 3.8% rise seen in the third quarter.

This comes after two quarters of accelerated prices rises since the second quarter of last year when prices rose 3.1%, compared to 1.6% seen in the first quarter.

Analysts have expected the market to cool somewhat in light of the global economic uncertainty and moves by the government to cool Singapore's property market by imposing heavy stamp duties on residential transactions.

The HDB's estimate released yesterday brings the HDB Resale Price Index (RPI) to 190.4; the RPI provides information on the general price movements in the public residential market.

HDB said yesterday it had offered 28,043 flats for sale last year to address hot demand for homes. This comprised 25,196 new flats under its build-to-order system and 2,847 balance flats under the sale of balance flats exercise.

By Singapore ST

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