Average price of resale landed homes in prime districts up 4.6% in Q4

Source : Channel NewsAsia – 18 Dec 2009

Prices of resale landed homes in the prime districts of 9, 10 and 11 in the fourth quarter have reached levels that surpassed the previous peak in the first quarter of 2008.

According to a DTZ Research report, the average price of freehold landed resale homes in the prime districts increased 4.6 per cent in the fourth quarter to reach a new high of S$1,447 per square foot (psf).

This is about 12 per cent above the previous high of S$1,293 psf achieved in the first quarter of 2008.

Outside the prime districts, the average price of freehold landed resale homes rose 2.8 per cent in the fourth quarter.

The average price of S$860 psf in the last three months of the year is about 8 per cent higher than the last peak of S$797 psf in the first quarter of 2008. But it is still 8.8 per cent lower than that recorded in the second quarter of 1996.

The Good Class Bungalow (GCB) segment also saw a rebound after a hiatus of sales activities in 2008, with record unit prices recorded.

The highest ever unit price for a GCB, with at least an area of 1,400 square metres, was at Leedon Park in October 2009 at S$1,407 psf.

More GCBs were also transacted at prices of S$30 million and above in 2009. There were seven such transactions in 2009, compared to just two in 2008 and none in 2007.