Singapore Q3 private home prices +1.3 pct from Q2 - URA

Sun Oct 2, 2011 8:28pm EDT

 SINGAPORE, Oct 3 (Reuters) - Following are flash estimates
for private home prices in the third quarter of 2011 released by
the Urban Redevelopment Authority (URA): 	
 Quarter-on-quarter, percentage price change:	
  Period     Q3/2011   Q2/2011  Q1/2011  Q4/2010  Q3/2010  
  Singapore    +1.3      +2.0     +2.2    +2.7     +2.9     
  private 
  home prices 
  	
 Context:	
 - The rate of increase in private residential property
prices fell for the eighth consecutive quarter, according to URA
data.	
 - URA said the biggest increase was for homes outside the
central region, which rose 2.1 percent during the third quarter.
In contrast, private home prices in the core central region
edged up by 0.8 percent.	
 - Savills said last week that home sales in Singapore's mass
market segment continued to be robust during Q3. But the
high-end market softened amid new headwinds from crisis-hit
economies of Western Europe.	
 - The URA flash estimate is based primarily on data from the
first 10 weeks of the quarter.	
 - Singapore has been trying to stem the rise in home prices
by increasing the supply of land available for housing and
reducing the amount people can borrow for second properties.	
 - The ruling People's Action Party swept back to power in
May general elections, but the opposition made historic gains.
The sources of unhappiness included the spiralling cost of
housing and Prime Minister Lee Hsien Loong has responded to the
polls setback by retiring three ministers including the minister
in charge of housing.	
	
 (Reporting by Kevin Lim; Editing by Anshuman Daga)