Prices of prime real-estate sets new high

Prices of prime real-estate sets new high
Dec 21, 2009 - PropertyGuru.com.sg

Prices of resale landed homes have already set high records this year despite the uncertain economic recovery, according to a recent report.

The report by DTZ Research highlights the prices of resale landed homes in the prime districts of 9, 10 and 11, including the Bukit Timah, Orchard and Tanglin areas.

Among the expensive homes, good class bungalows (GCBs) also recorded a psf price high. But prices of non-landed homes such as luxury condos are also catching up.

The average price of prime freehold landed resale homes increased 4.6 percent in Q4 or 18.4 percent for the whole of 2009 to hit a new price of $1,447 per sq ft (psf).

This is about 12 percent above the previous price of $1,293 psf in Q1 last year, the report said.

The average price of freehold landed resale homes outside the prime districts also climbed 2.8 percent in Q4 or 12.2 percent for the whole year to reach a new high of $860 psf.