S'pore Q3 private home prices up 0.6%

SINGAPORE - Singapore's Urban Redevelopment Authority (URA) released detailed private home price data for the third quarter of 2012 on Monday.

The URA's final estimate of a 0.6 per cent quarter-on-quarter rise in private home prices is higher than the flash estimate of 0.5 per cent released earlier this month.

Prices of non-landed properties in the core central region rose 0.1 per cent in the third quarter, compared with the rise of 0.6 per cent in the previous quarter.

Prices of non-landed properties outside the central region rose 1 per cent in the third quarter, compared with a rise of 0.5 per cent in the second quarter.

Rents for private residential properties rose 0.9 per cent in the third quarter compared with a rise of 0.3 per cent in the previous quarter.

Prices of multiple-user factory space rose 10.1 per cent in the third quarter, compared with the rise of 8.3 per cent in the previous quarter.

The URA flash estimate released earlier this month was based on caveats lodged during the first 10 weeks of the quarter supplemented by information on the number of new units sold by developers.

Private home sales surged 83.7 per cent in September from August to the highest level in over three years, despite a series of government measures to cool the property market.

Singapore earlier this month introduced new measures to cool its housing market.

The steps include setting a maximum tenure of 35 years for all new residential property loans, with loans exceeding 30 years facing significantly tighter loan-to-value limits.