CBRE analysis shows sharp climb but it expects sales and prices to moderate
The median price per square foot for new 99-year leasehold condos and apartments sold by developers rose 16.5 per cent in Q3 over Q2 – more than double the 7.8 per cent quarter-on-quarter increase seen in Q2, according to CB Richard Ellis’s analysis of caveats data.
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Its study was based on caveats data downloaded from URA’s Realis system on Sept 15 this year.
‘Prices of new projects are always a function of new launches. We have seen the launch of some high quality projects with good attributes such as those near MRT stations in the past three months,’ said CBRE’s executive director (residential) Joseph Tan.
The study showed pretty much across-the-board increases in median psf prices so far this quarter compared with Q2 – in primary and secondary markets, and for 99-year leasehold as well as freehold/999- year leasehold tenure properties.
National Development Minister Mah Bow Tan told Parliament on Monday that ‘overall private housing prices have started to increase significantly since June’. He said this while announcing measures to cool the overheating of the property market.
The government has scrapped the interest absorption scheme and will restart confirmed list land sales in the first half of 2010. It will also enhance supply in the reserve list for H1 2010 to meet possible increase in demand. Continue reading
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