Prices of private residential properties in Singapore climbed 1.3 percent in the third quarter, lower than the 2.0 percent increase in Q2, according to the latest Q3 2011 property statistics from the Urban Redevelopment Authority (URA).
“This was the eighth consecutive quarter in which the rate of increase in overall private housing prices had moderated,” said the URA.
Prices of non-landed properties in the Core Central Region (CCR) rose at a rate of 0.7 percent in Q3, compared to 1.6 percent in the previous quarter.
During the same period, prices of non-landed properties in the Outside Central Region (OCR) and Rest of Central Region (RCR) grew 2.1 percent and 1.2 percent respectively, slightly higher than the 1.7 percent and 1.1 percent rise in Q2.
Meanwhile, rents of private residential properties climbed 0.8 percent in Q3, lower than the 1.3 percent increase in the preceding period.
For the third quarter ending September, there was a total supply of 76,255 unfinished private residential units from projects in the pipeline, more than the 71,111 units recorded in Q2 2011, the highest number since such data was first made available in 1999.
Of the supply in the pipeline, 39,111 units were unsold as of Q3. These unsold units include 19,284 units in the OCR, 10,574 units in the CCR and 9,253 units in the RCR.
To contact the journalist, you may send your message to email@example.com