SINGAPORE, April 27 — Singapore’s home prices surged even more in the first quarter than a preliminary report from the government showed.
Private residential prices jumped 3.9 per cent from the previous quarter, according to final data from the Urban Redevelopment Authority. That’s up from a 3.1 per cent preliminary estimate earlier this month.
The biggest increase in home values since 2010 has added to signs that the city-state’s housing market is warming up after a four-year slump. That’s even as officials keep a range of cooling measures in place, including an increase in taxes on home purchases exceeding S$1 million (RM2.95 million), implemented in February.
“This is a clear indication that the market has rebounded,” said Desmond Sim, CBRE Group Inc’s head of research for Singapore and South-east Asia. “I expect further price increases over the coming months on the back of rising land costs.” — Bloomberg
