Singapore private home prices rise 0.4% in third quarter

Private home prices rose a slight 0.4 per cent in the third quarter of this year, the Urban Redevelopment Authority said on Oct 25, 2013. -- ST FILE PHOTO: ALPHONSUS CHERN  
Private home prices rose a slight 0.4 per cent in the third quarter of this year, the Urban Redevelopment Authority said on Oct 25, 2013. -- ST FILE PHOTO: ALPHONSUS CHERN  

Private home prices rose a slight 0.4 per cent in the third quarter of this year, the Urban Redevelopment Authority said on Friday.

This was in line with a flash estimate in early October, and down from a 1 per cent increase in April through June.

Price drops in the city centre and city fringe were smaller than estimated while prices in suburban regions were slightly higher than forecast.

Prices of non-landed homes in the city centre fell 0.3 per cent in the three months to Sept 30 from the preceding quarter, after slipping 0.2 per cent in the second quarter. The flash estimate had been a 0.5 per cent drop.

In the city fringe, prices dropped 0.9 per cent, marking the first quarter-on-quarter decrease since the first three months of last year.

This was after they inched up 0.2 per cent in the second quarter from the first. Again, this was smaller than the 1.1 per cent decline previously estimated.

Only suburban non-landed homes registered a price rise in July through September. They gained 2.2 per cent from the second quarter, up from the 2.1 per cent rise in the flash estimate, after jumping 3.8 per cent in the preceding three months.

Rents also inched up a marginal 0.2 per cent in the third quarter, which was lower than the 0.3 per cent increase in the second quarter.

Developers launched 3,313 new private units excluding executive condominiums in July through September and sold 2,430 units.