News Releases

2 April 2007

URA Releases Flash 1st Quarter 2007 Private Residential Property Price Index

The Urban Redevelopment Authority (URA) released today the flash estimate of the price index of private residential properties for 1st Quarter 2007.

Based on the flash estimate, prices rose from 130.2 points in the 4th Quarter 2006 to 136.2 points in the 1st Quarter 2007. This represents an increase of 4.6%, compared with the 3.8% increase in the previous quarter (see Annex A).

URA had in January 2007 released for the first time more detailed data on the private housing market for three geographical regions to enable the public to have a better understanding of trends in different segments of the private housing market. URA released today the flash estimates of the price changes in these three regions for 1st Quarter 2007. Prices of non-landed private residential properties increased by 5.6% in the Core Central Region, 2.9% in Rest of Central Region and 2.6% Outside Central Region in the quarter (see Annex B).

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 booked. The statistics will be updated four weeks later in the 1st Quarter 2007 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. The public is advised to interpret the flash estimates with caution.

The three geographical regions:

Core Central Region (i.e. Postal Districts 9, 10, 11, Downtown Core, and Sentosa) (CCR);
Rest of Central Region (i.e. Central Region outside Postal Districts 9, 10, 11, Downtown Core and Sentosa) (RCR); and
Outside Central Region (OCR).
A map of the Central Region and areas in Core Central Region is available in URA's website (2/).