Sunday, May 1, 2011

Latest Singapore condo, landed property transaction prices

What are the latest residential property transaction prices in Singapore? What is the price of a condominium flat in Singapore? In Singapore you can check The Strait Times where transaction price tables are regularly printed. If you do not have access to printed media, you can make a google search and you will most probably end up with the asking prices. But what really matters are the property transaction prices and there is a place where you can get some general information on these prices.

Singapore Urban Redevelopment Authority (URA) has a e-Service named "Private Residential Property Transactions with Caveats Lodged" where you can reach caveats lodged for the last 12 months on Singapore private property. The data is updated twice a week on Tuesday and Friday (if there is a public holiday on one of these days, data is updated next working date).

What does caveat lodged mean? URA defines caveat as "a legal document lodged with the Singapore Land Authority by a purchaser to protect his/her interests after an option to purchase is exercised or a Sales & Purchase Agreement is signed."[1] When a caveat is lodged on a property another caveat cannot be lodged unless permission is obtained from the buyer who lodged the caveat.

URA search tool only contains transactions with caveat lodged and a property can be sold without caveat so it does not show all transactions within last month. Still it contains many transactions to give an idea of transaction prices.

There are two modes of search. You can either filter data by private property project name(s) or select property type (landed property, apartments & condominiums or executive condominium) and postal districts.

URA Residential Property Transactions eService

Search results will give you a list of properties with their total transaction price, area (in square foot), type of area (i.e. strata), unit price (per square foot) and date of the transaction. This table can be sorted by one of these fields and exported to pdf (an export to excel would be very handy to analyze the data). Note that the data is intended to give general information on prices and to not be relied on solely to go into a transaction. It is only a good start point to have some general idea.

For professionals and people who require more info, URA provides a paid service called REALIS  which provides detailed data on price trends, vacany rates, rental index, transaction details, unsold units, completed projects etc. on Singapore property.

[1] - URA Frequently Asked Questions

This blog article is to provide general information only and should not be treated as an invitation to buy or sell any property or as sales material.  Users of this report should consider this report as a one of the many factors in making their investment decision. Users should make reference to other sources of information and specific investment advice to obtain a more objective view of the property market. Asia Singapore shall not be responsible for losses suffered.

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