Prime resale condo prices hit new high in Singapore

SINGAPORE — Price rises of private resale homes in Singapore have generally slowed this quarter, to under 3 percent in most areas, amid weaker buying sentiment.

However, prime homes hit a new price high, and price rises for suburban homes grew at a much faster rate, property consultancy DTZ said. Suburban resale condominium and apartment prices leapt by 4 percent for the quarter ending June 30, from the first quarter, to yet another new high.

DTZ said resale prices of leasehold suburban homes climbed 4 percent quarter-on-quarter to SG$648 (US$465) per square feet, compared with the 2.1 percent rise in the first quarter. The 2007 peak for these homes was at SG$615 per square feet.