Meanwhile, private house prices rose 3.4% in the third quarter, compared to 3.5% in the previous quarter.
Prices in the Outer Central Region (OCR) rose the most – up 7% from the 2.1% increase in the previous quarter, according to URA data.
Analysts attributed the sharp increase to higher median prices for new non-land homes.
“There were 3 major launches in Q3 2022 – AMO Residence, Lentor Modern and Sky Eden @ Bedok which are all in OCR,” Mr. Lee said.
“AMO Residence was nearly sold-out in July, reaching an average price of S$2,113 per square foot. Sky Eden@Bedok sold out 75% at an average of S$2,100 per square meter on the day of launch. These two projects likely played a part in the sharp rise in OCR’s price.”
Ms. Sun added that the higher median prices combined with a high volume of such transactions resulted in a significant increase in the overall OCR index.
Median unlanded new home prices in the last quarter rose 18% from S$1,774 per square foot in the second quarter of 2022 to a record S$2,093 per square foot in the third quarter of 2022, it said. she pointed out.
“The last quarter also saw more new non-landed sales in OCR, which increased from 471 units in Q2 2022 to 1,238 units in Q3 2022. As a result, the higher median prices associated with high volume of these transactions led to a significant increase in the overall index for OCR.”
Prices in the Central Central Region (RCC) rose 2.3% compared to the 1.9% increase in the previous quarter. Meanwhile, those in the rest of the central region (RCR) grew at a slower pace of 2.5% compared to 6.4% in the previous quarter.
Flash estimates are compiled based on transaction prices quoted in contracts subject to payment of stamp duty and data on units sold by developers through mid-September.
The URA will release its full set of updated real estate statistics for the third quarter of 2022 later this month.
In an update on upcoming sales launches, HDB said it will offer around 9,500 BTO apartments in November in areas including Bukit Batok, Kallang, Whampoa, Queenstown, Tengah and Yishun.
In February 2023, approximately 2,900 to 3,900 BTO apartments in areas such as Kallang Whampoa, Queenstown and Tengah will be made available.
“This figure is subject to revision as more project details will be confirmed closer to the launch date,” he added.
HDB also said it will launch up to 23,000 new apartments in 2023 and is ready to launch up to 100,000 apartments in total from 2021 to 2025 if needed.
“HDB will continue to monitor housing demand and adjust plans as necessary.”