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Old 26-06-2007, 11:35 AM   #13
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URA Q2 home price index seen rising up to 6%

25 June 2007 2128 hrs

SINGAPORE: Private home prices are expected to rise by 4 to 6 per cent during the second quarter of this year.

That was the forecast from property consultant ** Richard Ellis (CBRE), ahead of data to be released by the Urban Redevelopment Authority.

In its latest report, CBRE predicted the number of new homes sold in the three months to June would exceed 4,300 units.

And it said the secondary market would likely register more than 4,000 transactions, outstripping the 3,866 sales in the previous quarter.

CBRE has attributed the increase to collective sale home owners who were looking for replacement properties.

It also noted the filtering down of activity from the top-end to the suburbs.

According to CBRE, this was in part due to the limited supply of new homes within the price range of S$600-S$800 per square foot.

For the third quarter, it expects prices to continue to head up by another 3 to 5 per cent, with the takeup of new homes seen shrinking to around 3,000 units.

Private home prices in Singapore rose by 4.8 per cent in the first quarter, compared to the previous three months
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