Home prices hit new high in Q4

Home prices hit new high in Q4

SINGAPORE - Property prices in Singapore are expected to continue to climb in the new year, as prices of both public and private housing rose to new highs in the last quarter of last year.

According to flash estimates released yesterday, prices of resale Housing Board (HDB) flats jumped 2.5 per cent to push the Resale Price Index to a historical high of 202.9.

This was also the highest quarter- on-quarter increase last year, compared to a 2 per cent price climb in the third quarter.

In the private-property sector, prices also reached an all-time high after increasing by 1.8 per cent in the last quarter.

The increase was three times that of the previous quarter's, resulting in the private residential property index hitting 211.9 points.

Specifically, prices of non-landed private homes in the suburban areas saw the sharpest jump in the last quarter.

The prices rose by a strong 3.4 per cent, compared to 1 per cent in the previous quarter.

Mr Mohamed Ismail, chief executive of PropNex Realty, said that the prices of private suburban homes are likely to rise by 10 per cent this year.

He said: "This is mainly contributed by the aggressive high land bid prices witnessed in the second half of 2012."

Even with the new sizeable housing supply in the pipeline, Mr Ismail said he expects overall prices of private homes to further climb by 4 to 5 per cent this year.

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