S'pore property prices reach new high in Q3

October 1, 2010, 2.33 pm


SINGAPORE - Singapore's housing prices reached a fresh record high in the third quarter as the city-state's economy booms after last year's recession.

Private residential property prices rose 3.1 per cent in the July-to-September period, down from 5.3 per cent growth in the second quarter, the Urban Redevelopment Authority said on Friday. Real estate prices are at their highest level since the government began the index in 1975.

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Prices of public housing apartments, where about 80 per cent of Singaporeans live, rose 4 per cent last quarter.

Singapore's low crime rate, good schools and low personal and corporate taxes have helped the island rank near the top of expatriate quality-of-life surveys and attracted investors to the residential and office property markets. Singapore opened its first two integrated resorts this year, boosting tourist visits.

The government expects the economy to grow as much as 15 per cent this year.

Private property prices leapt 5.6 per cent in the first quarter and 7.4 per cent in the fourth, bouncing back strongly after diving 25 per cent in the 12 months to mid-2009. -- AP


Source: http://www.businesstimes.com.sg