Singapore private property prices up 1.8% in 4th quarter, 2.8% higher in 2012

Detailed Urban Redevelopment Authority (URA) data showed that private home prices were 1.8 per cent higher in the fourth quarter of last year.

For the year, prices rose 2.8 per cent compared with 2011.

Prices of non-landed homes in the suburban areas showed the sharpest increase in the fourth quarter, rising 3.8 per cent.

Supply is high. At the end of last year, there are 86,475 uncompleted private homes.

36,352 units remained unsold.

There is also more supply coming from 10,201 executive condominium (EC) units. Another 15,215 units are expected to be added to the supply, for example, from government land sales sites.

In total, there will be around 111,891 private homes and EC units in the pipeline, many of which are expected to be completed in the next three to four years.

National Development Minister Khaw Boon Wan had earlier said that there will be around 200,000 homes, including HDB flats that will be completed by 2016.

A total of 3,408 uncompleted private residential units (excluding ECs) were launched for sale by developers in the fourth quarter of last year.