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HDB resale prices at record high

Posted on 24 Oct 2009 | Comments Off

Up 3.6% in Q3, with 11,649 units sold; cash top-ups also soar

Cash-over-valuation amounts for resale HDB flats have quadrupled, from a median of $3,000 in the previous quarter to $12,000 in the third quarter. — ST PHOTO: ALPHONSUS CHERN

PRICES of resale Housing Board homes have continued their relentless climb, rising another 3.6 per cent in the third quarter to hit a fresh record.

But despite the high prices, demand for resale flats remained hot. A total of 11,649 homes changed hands in the third quarter, reaching a level not seen in five years.

The latest figures, released by HDB yesterday, highlight another important trend. Almost 80 per cent of resale flats were sold above their bank valuations.

And this amount, known as the ‘cash-over-valuation’ (COV) – or the cash top-up payable by buyers – quadrupled from a median of $3,000 in the previous quarter to $12,000. Continue reading →

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Private home prices up 15.8% in Q3; HDB resale prices up 3.6%

Posted on 24 Oct 2009 | Comments Off

Private home prices rose 15.8 per cent in the third quarter compared to the second quarter – slightly lower than the initial forecast of a 15.9-per-cent rise made by the Urban and Redevelopment Authority (URA) in early October.

The rise in prices between July and September is a sharp turnaround from the 4.7-per-cent fall seen in the second quarter, and snaps four straight quarters of decline.

According to the URA, non-landed private homes in the city fringe areas saw the highest increase in prices of 18.5 per cent in the third quarter, while the prime districts saw private home prices rising 15.2 per cent. In the rest of Singapore, private home prices climbed 16.1 per cent.

In the second quarter, all three regions had seen a decline in private home prices of between 2 and 5 per cent.

Meanwhile, property prices for office, shop and industrial properties decreased by between 1.2 and 2.1 per cent.

Rentals of private residential, office, shop and industrial properties also fell, with the decline ranging from 0.9 to 4.1 per cent.

URA said that the fall of rental rates for all property types in the third quarter moderated compared to the second quarter.

Meanwhile, prices of HDB resale flats rose 3.6 per cent in the third quarter. Resale transactions increased by about 14 per cent from the second quarter to 11,649 cases.

The Housing & Development Board (HDB) said the median Cash-Over-Valuation (COV) amount among all resale transactions has risen to S$12,000. It said in tandem with this trend, cases transacting above valuation has also increased to 79 per cent.

HDB said that in the next two months, the public can look forward to another 4,000 Build-to-Order flats in Punggol, Bukit Panjang, Sembawang and Dawson.

Together with other sale exercises, as well as flats offered under the Design, Build and Sell Scheme, the total flat supply for 2009 would be about 13,500 units.

HDB said it is monitoring demand and would adjust its building plan accordingly to ensure an adequate supply of new flats.

Source : Channel NewsAsia – 23 Oct 2009