More new private homes

PHOTO: More new private homes

MORE than 100,000 units of new private properties are in the pipeline, says the Urban Redevelopment Authority (URA). The upcoming private home supply comprises 83,975 private residential units, 9,824 executive condominiums and 10,070 units from land sites that the Government has sold, or that are slated for sale. This is the highest-ever total recorded since data was collected in 2001.

The URA said many of the units will be completed in the next three or four years. More than 35,000 units will be ready next year and in 2014, with the rest completed after that.

In addition, the Housing and Development Board (HDB) has announced it will roll out another 6,400 Build-To-Order flats next month in Bedok, Choa Chu Kang, Queenstown, Sengkang and Toa Payoh, bringing its crop of new flats this year to the promised 27,000 - also a record high.

But prices of private homes and HDB resale flats are continuing their upward spiral in the third quarter.

Private home prices edged up by 0.6 per cent, probably due to a strong showing at new home launches in September. The flash estimates had earlier shown an increase of 0.5 per cent. A Sentosa Cove bungalow has been sold for $32.5 million - a record price in terms of square footage, according to reports. The price of the Ocean Drive home worked out to $3,214 psf on a land area of 10,111 sq ft. The previous record was set in 2010 for a $28.2 million property a few doors away that fetched $2,989 psf on a land area of 9,436 sq ft, said The Business Times.