Singapore's private home prices increased more than initially estimated in the third quarter to a new record on strong demand, revised data from the Urban Redevelopment Authority showed Monday.
Prices of private residential properties rose 0.6 percent sequentially in the third quarter, compared to the 0.4 percent growth in the previous quarter. The third quarter increase was revised up from the initial estimate of 0.5 percent.
House prices increased as government announced measures in September to discourage development of new dwellings, predominantly of "shoebox" units.
According to URA, a total of 5,052 uncompleted private residential units were launched for sale by developers in the third quarter, down from 6,115 units in previous three months. Likewise, the volume of resale transactions decreased to 3,370 units from 3,830 units.
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