URA has adopted a new method to track private property prices. It takes into consideration more attributes, such as the size and age of a unit and its proximity to MRT stations. These will be added to the attributes used in the previous method, such as tenure, property type and general location.
The URA;s moves comes on the heels of the Housing and Development Board introducing late last year, a similar method for its resale price index. The overall benefits will be felt more keenly, compared with the public housing market.
Among other things, the new method will include stamp duty data from the Inland Revenue Authority of Singapore - a vast improvement compared with the old practice of using data based on caveats lodged, said Eugene Lim, key executive office of ERA Real Estate.
"By using stamp duty data, essentially all property transactions are captured to compute the private property index" he said. Data will not be skewed by low transaction volume in a particular period and the proliferation of "shoebox" apartments in recent years.
The revised idea is calculated using the first quarter of 2009 as the new base period. The URA said back testing of this new method showed no change in the broad trend of price movements. For example, using the old method, prices in the third and fourth quarters of last year fell by 0.7 and 1.1 per cent, respectively. Under the revised index, prices fell by 0.8 per cent in each of these quarters.
The revised index will also capture more timely price movements. The revised index also switched from 12 quarter moving average weights to five quarter fixed weights. These fixed weights will factor in the total value of transactions, will be updated every three years to reflect the prevailing market structure.
The URA said six types of price indices will be published - for residential properties, landed residential properties, non-landed residential properties in the core Central Region, Outside Central Region as well as rest of Central region. The private residential rental indices will also be computed using the new method.
With this new method, buyers can get better and realistic property indexes therefore can make more intelligent analysis and assessment. They will be more confident with their purchases in the Novena New Launch. 6 Derbyshire will also benefit as now is the right timing as property prices has almost bottomed out. To view 6 Derbyshire showflat, please call (65) 81250430 for appointment. For details on 6 Derbyshire Floor Plans and 6 Derbyshire Pricing, please visit the website http://6derbyshire.greathomelaunch.com
other property listings
http://corals.greathomelaunch.com
http://marina-one.greathomelaunch.com
http://onebalmoral.greathomelaunch.com
http://symphonysuites-ss.greathomelaunch.com
http://treasurecrest.greathomelaunch.com
http://crest.greathomelaunch.com
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http://thomsonimpressions.greathomelaunch.com
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http://gemresidences-sg.greathomelaunch.com
http://singapore.greathomelaunch.com
The URA;s moves comes on the heels of the Housing and Development Board introducing late last year, a similar method for its resale price index. The overall benefits will be felt more keenly, compared with the public housing market.
Among other things, the new method will include stamp duty data from the Inland Revenue Authority of Singapore - a vast improvement compared with the old practice of using data based on caveats lodged, said Eugene Lim, key executive office of ERA Real Estate.
"By using stamp duty data, essentially all property transactions are captured to compute the private property index" he said. Data will not be skewed by low transaction volume in a particular period and the proliferation of "shoebox" apartments in recent years.
The revised idea is calculated using the first quarter of 2009 as the new base period. The URA said back testing of this new method showed no change in the broad trend of price movements. For example, using the old method, prices in the third and fourth quarters of last year fell by 0.7 and 1.1 per cent, respectively. Under the revised index, prices fell by 0.8 per cent in each of these quarters.
The revised index will also capture more timely price movements. The revised index also switched from 12 quarter moving average weights to five quarter fixed weights. These fixed weights will factor in the total value of transactions, will be updated every three years to reflect the prevailing market structure.
The URA said six types of price indices will be published - for residential properties, landed residential properties, non-landed residential properties in the core Central Region, Outside Central Region as well as rest of Central region. The private residential rental indices will also be computed using the new method.
With this new method, buyers can get better and realistic property indexes therefore can make more intelligent analysis and assessment. They will be more confident with their purchases in the Novena New Launch. 6 Derbyshire will also benefit as now is the right timing as property prices has almost bottomed out. To view 6 Derbyshire showflat, please call (65) 81250430 for appointment. For details on 6 Derbyshire Floor Plans and 6 Derbyshire Pricing, please visit the website http://6derbyshire.greathomelaunch.com
other property listings
http://corals.greathomelaunch.com
http://marina-one.greathomelaunch.com
http://onebalmoral.greathomelaunch.com
http://symphonysuites-ss.greathomelaunch.com
http://treasurecrest.greathomelaunch.com
http://crest.greathomelaunch.com
http://bellewaters-sg.greahomelaunch.com
http://thomsonimpressions.greathomelaunch.com
http://alpsresidences.greathomelaunch.com
http://gemresidences-sg.greathomelaunch.com
http://singapore.greathomelaunch.com
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