Source : Business Times - 2 Oct 2008
Singapore private residential prices fell 1.8 per cent between July and September, snapping four straight years of growth as concerns over the global financial turmoil caused home sales to slump.
The Urban Redevelopment Authority (URA) said early estimates showed the price index for private residential properties dropped to 174.3 points for the three months ended September from 177.5 in the previous three-month period.
This is the first decline in the index since the first quarter of 2004.
Private home sales in Singapore plummeted 81 per cent in August from a year ago, to the lowest level since March as a combination of global financial turmoil and the traditionally ‘unlucky’ Hungry Ghost month spooked buyers.
Poor demand and a looming housing glut are threatening to plunge the property market into a prolonged downturn, which could deal a blow to Singapore’s top developers such as CapitaLand, CityDev and Keppel Land.
The advance estimates are compiled from transaction prices lodged during the first 10 weeks of the quarter as well as data from new apartments that have been booked. The URA will release the official price index in four weeks.
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