1% Up For Private Residential in Year 2017

The price increase signals positive market opinion for private home.

Newly UPDATED: Private home prices continued to grow from the previous quarter of 2017 by 0.7 percentage, revealed newest flash quotes of the Urban Redevelopment Authority’s (URA) price indicator.

This is exactly the identical price increase as seen from the next quarter. For the entire of 2017, price increased by 1.0 percent compared with the 3.1 percent fall in 2016.

From the Core Central Region (CCR), prices of non-landed private homes rose by 1.6 percent, when compared with the 0.1 percent rise in the previous quarter. prices in the Rest of Central Region (RCR) climbed by 0.2 percentage, after registering a rise of 0.5 percent in the previous quarter. Prices at the Outside Central Region (OCR) climbed by 0.6 percentage, after enrolling a 0.8 percent rise in the previous quarter.

For the entire of 2017, prices at the CCR, RCR and OCR increased by 0.8 percent, 1.6 percent and 1.2 percent respectively.

For the upcoming year 2018, many developments will be launched that includes Rivercove EC, Daintree Residences, The Tapestry and many more to launch to the residential market.

Krishnan noted that several factors contributed to this increase, such as developers’ confident land bids and recent en bloc fever. “The latter has pushed up private residential trades as cash-rich en bloc vendors start looking for substitute homes.

The URA flash quotes are based on trade prices given in contracts filed for stamp duty payment and information on units offered by developers up until mid-December. The data will be updated on 26 January if the complete figures for Q4 2017 are published.

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