30 Mar '11, 1pm

S'pore private apartment prices climb to record high in first quarter

SINGAPORE: Mass market prices of private apartments in Singapore have climbed to record highs in the first quarter of this year, mainly driven by demand from mainland Chinese buyers. Average values of properties are now at S$1,935 per square foot for prime areas, and S$1,043 for non-prime areas, the highest since the first quarter of 2008, according to a release from Jones Lang LaSalle. Prime market property sales by foreigners continue to be dominated by Chinese, Indonesian and Malaysian buyers taking at least half of the sales in the first quarter of 2011. Chinese buyers have overtaken Malaysians in purchasing prime residential units and were only second to Indonesian buyers. Chinese buyers took up the largest share for mass market units, at 63 per cent, priced between S$500,000 and S$1.5 million. Their share of units priced above S$5 million in central and prime distric...

Full article: http://www.channelnewsasia.com/stories/singaporebusinessn...

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