SINGAPORE: The Singapore Urban Redevelopment Authority's (URA) flash estimate of the private residential property index for the third quarter (3Q) of 2011 shows that the rate of increase in private residential property prices has continued to moderate for the sixth consecutive quarter since 4Q 2009.

The private residential property index rose from 203.0 points in 2Q 2011 to 205.7 points in 3Q 2011. This represents an increase of 1.3%, compared to the 2.0% increase in the previous quarter, said the URA in a statement on Oct 3.

Prices of non-landed private residential properties increased by 0.8% in Core Central Region, 1.1% in Rest of Central Region and 2.1% in Outside Central Region in the quarter. In comparison, in 2Q 2011, prices of non-landed private residential properties increased by 1.6% in Core Central Region, 1.1% in Rest of Central Region and 1.7% in Outside Central Region.

The flash estimates are compiled based on transaction prices given in caveats lodged during the first ten weeks of the quarter supplemented by information on the number of new units sold. The statistics will be updated four weeks later when URA releases the full 3Q 2011 real estate statistics, when more data on the caveats lodged and the take-up of new projects are captured.

Past data have shown that the difference between the quarterly price changes indicated by the flash estimate and the actual price changes could be significant when the change is small. Hence the public is advised to interpret the flash estimates with caution, said the URA.

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