S’pore private property prices surge by 24.5%

April 6, 2010
Singapore Democrats

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Sundeep Matharu
Top News

The private property prices in Singapore are on a consistent rise since last three quarters. The HDB flats have reported a 12% rise in the prices making the overall private property price surge by 24.5%.

As per the analysis of the HDB resale flat price index, the resale prices for HDB flats is expected to elevate the prices even more.

With this ever-rising pace in the prices, the private property rates in the country have neared the peak record in 1996.

Some of the analysts have shared that the HDB prices started gaining hike in the wake of the growing demand for cheaper housing accommodations for the population, when theprivate property expanded.

They have suggested the property owners to do away with the business motives and sell the houses at ideal prices while some of them are opposed to the resale of the HDB flats. They argue that the resale should only be allowed when there changes in the needs of the people such as swelling in the family size, etc.

According to them, this move will help in curbing the unnecessary transactions.