Singapore home prices rose 4.6 per cent in the first three months of the year, climbing the 12th quarter in a row, the government real estate agency said on Monday.
The Urban Redevelopment Authority (URA) said its initial estimate of the price index for private residential homes rose to 136.2 points for the January-March period, from 130.2 in the previous three-month period.
The first-quarter gain follows a 3.8 per cent rise in the last three months of 2006.
The index rose 9.8 per cent across the island republic for the whole of last year.
Singapore’s property sector recovery gained momentum after the government introduced measures in July 2005 to ease real-estate financing rules and foreign investment.
Last month, CapitaLand and its Hong Kong partner Sun Hung Kai Properties said they had set a new pricing benchmark for Singapore residential property by selling some units in their downtown development for more than $4,000 (US$2,639) per square foot.
The advance estimate is compiled from transaction prices lodged during the first 10 weeks of the quarter, supplemented by information on the number of new units booked. The URA will release the official price index on April 27.
Source: The Business Times, 02 April 2007
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