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by OrangeTee & Tie Pte Ltd.

Singapore private home prices may rise in 2021 amid reviving economy

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SG, 05 Jan 2021

PRIVATE home prices in Singapore could climb again this year as a recovering economy lifts sentiment after the private residential property index shrugged off the impact of a global pandemic to clock a 2.2 per cent gain in 2020. According to the Urban Redevelopment Authority's (URA) flash estimate on Monday, prices of private homes in Singapore rose 2.1 per cent quarter-on-quarter in Q4 2020 in the highest quarterly increase since the 3.4 per cent notched in Q2 2018 before the last round of cooling measures kicked in. This comes on the heels of a 0.8 per cent increase in Q3 2020. In 2019, the private residential property index grew by 2.7 per cent.

Head of research & consultancy at OrangeTee & Tie, Christine Sun, highlighted that prices have also increased at many previously launched projects, including Fourth Avenue Residences and Kopar at Newton. For 2020 as whole, prices of non-landed homes in CCR dipped 0.2 per cent, while prices in RCR and OCR rose by 5.1 per cent and 3.1 per cent respectively.

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