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Surge in Singapore's Home Prices Even Bigger Than First Reported

A residential public housing estate in Singapore. (File photo: Reuters/Edgar Su)

By Klaus Wille

Singapore’s home prices surged even more in the first quarter than a preliminary report from the government showed.

Private residential prices jumped 3.9 percent from the previous quarter, according to final data from the Urban Redevelopment Authority. That’s up from a 3.1 percent preliminary estimate earlier this month.

The biggest increase in home values since 2010 has added to signs that the city-state’s housing market is warming up after a four-year slump. That’s even as officials keep a range of cooling measures in place, including an increase in taxes on home purchases exceeding S$1 million ($750,000), implemented in February.

“This is a clear indication that the market has rebounded,” said Desmond Sim, CBRE Group Inc.’s head of research for Singapore and Southeast Asia. “I expect further price increases over the coming months on the back of rising land costs.”

To contact the reporter on this story: Klaus Wille in Singapore at kwille@bloomberg.net. To contact the editors responsible for this story: Andrew Davis at abdavis@bloomberg.net. Paul Panckhurst

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