The government has released more comprehensive data on both the public and private housing market on websites in a bid to calm fears of escalating

The government has released more comprehensive data on both the public and private housing market on websites in a bid to calm fears of escalating property prices.

The Housing and Development Board (HDB) has assured that just 70 percent of resale flats sold in the second quarter of this year were above valuation, despite recent record prices being set for some resale flats.

In the private residential space, the Urban Redevelopment Authority (URA) also released more detailed private home sales figures and a new Home Buyers Guide.

This is the first time the HDB and the URA have released such data.

According to the HDB, the average amount of cash that buyers forked out above valuation was S$10,100 in the second quarter of this year.

This is a far cry from the more than S$100,000 that some flat-buyers reportedly paid above valuation in recent months.

In May, a buyer, flushed with cash from an en bloc sale, was reported to have paid a record S$720,000 for a five-room flat in Tiong Bahru, nearly S$200,000 above value.

National Development Minister Mah Bow Tan told Channel NewsAsia last month that providing more information would help property buyers make rational and prudent decisions.

Analysts that Channel NewsAsia spoke to have hailed the latest release of data as a very significant development.

Lui Seng Fatt, Regional Director, Jones Lang LaSalle, said: "The basic thing is that it provides the transparency for people who are making decisions. With more reflective and accurate information, it is certainly going to help people make the right decision."

The HDB also cautioned buyers to take account of overall market trends instead of just high-selling prices for isolated transactions when buying a resale flat.

It added there is a wide variety of resale flats to choose from, with some 760,000 units in the market.

As for private property, the URA announced three additional sets of data, which include details such as the number of units sold in a project in June, to help home-buyers make better decisions.

It said the figures would be updated on the 15th of every month.

The URA also unveiled a new Home Buyers Guide, detailing basic considerations and procedures that are involved at each stage of the buying process.

For more information, please visit www.hdb.gov.sg and www.ura.gov.sg.