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Private home prices up 0.6% in October

Prices of completed private residential properties rose 0.6 percent in October, surpassing the 0.2 percent growth registered in September, revealed the latest flash estimates of the NUS Singapore Residential Price Index (SRPI).

Excluding small units, home prices in the central region climbed 1.2 percent, up from the 0.4 percent increase in the previous month. Prices in the non-central region also rose 0.3 percent, reversing the 0.1 percent drop posted in September.

The central region sub-basket comprises properties located in postal districts 1 to 4 as well as 9 to 11, while properties found in the other postal districts fall under the non-central region sub-basket.

However, prices of small units measuring 506 sq ft or below fell 0.8 percent, after increasing by one percent in September.

 

This article was edited by Keshia Faculin.

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Gov’t urges private home owners with short remaining leases to plan ahead

The government encourages Singaporeans residing in properties with short remaining leases to plan ahead and look for alternative housing early, said the Ministry of National Development in a written answer to Parliament on Monday.

It noted that seniors have various housing options, including short-lease 2-room flexi flats which has no debarment period for purchase.

“Residents can approach agencies for assistance if they need help transitioning to their next housing arrangement,” it added.

The statement was made in reply to the question of Cheryl Chan Wei Ling, MP for Fengshan SMC, who also asked on what measures are taken by the government to ensure that the neighbourhood of private housing estates will not be disproportionately populated by foreign workers or short-term rentals.

To minimise disturbance to neighbours and safeguard the residential environment of private housing estates, private homeowners are allowed to rent out their properties for a minimum period of three months, with each housing unit having a maximum of six unrelated occupants only, said the ministry.

“URA will proactively enforce against subletting arrangements that flout the rules, including prosecuting egregious offenders in court.”

 

This article was edited by Keshia Faculin.

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