Prices of private residential properties increased by 1.3 per cent in the third quarter of 2011, lower than the 2.0 per cent rise in the previous quarter.
This was the eighth consecutive quarter in which the rate of increase in overall private housing prices had moderated, according to real estate statistics released on Friday by the Urban Redevelopment Authority (URA). Prices of non-landed properties in Core Central Region (CCR) — which includes postal districts 9, 10 and 11 — increased at a slower pace of 0.7 per cent in the third quarter, compared to the 1.6 per cent rise in the previous quarter.
Meanwhile, prices for Rest of Central Region2 (RCR) and Outside Central Region (OCR) increased by 1.2 per cent and 2.1 per cent respectively in the third quarter.
This is slightly higher than the 1.1 per cent and 1.7 per cent increase in the previous quarter. Rentals of private residential properties rose by 0.8 per cent in the third quarter, less than the 1.3 per cent increase in the previous quarter.
URA said there was a total supply of 76,255 uncompleted private residential units from projects in the pipeline, as at the end of the third quarter this year.
This supply is higher than the 71,111 units in the previous quarter, and also the highest ever recorded since such data was first available in 1999. Meanwhile, the total stock of completed Executive Condominium (EC) units remained unchanged at 10,430 units as at the end of the third quarter.
In addition,there were 5,332 EC units in the pipeline. URA added that another 1,115 EC units could come from the EC sites that have been released for sale via the 2nd Half 2011 government land sales (GLS) Programme.
Source : Channel NewsAsia – 28 Oct 2011
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