THE Urban Redevlopment Authority (URA)has released previously unavailable data from property developers to give home-buyers a keener sense of prevailing prices.

It has also said that it will continue to provide such data every month - till further notice. The statistics will include the lowest, highest and median prices of units sold during the month for uncompleted private residential projects.

The data aims to give home-buyers an accurate idea of the way property price winds are blowing, so that they are not dazzled merely by the prices of the most expensive units sold in selected projects.

The data released yesterday showed that the average prices in certain developments have continued to rise, with new benchmarks being set. In others, units were sold within a wide price band.

The Orchard Residences was launched earlier this year and the record benchmark price of $4,000 psf was widely reported. But according to data released by URA yesterday, the development has now set a new benchmark of $5,000 psf. The average price of $3,213 psf, reported in April, has also increased to $3,392 psf.

The data, which will now be available on URA's website, also revealed that in the month of June, five of the ten Orchard Residences units sold were in the $3,000-$3,500 psf range while three units were sold in the $3,500-$4,000 range. Only one unit was sold at $5,000 psf.

CapitaLand, which is co-developing Orchard Residences with Sun Hung Kai Properties has come out in support of the new reporting measures.

CapitaLand Retail CEO Pua Sek Guan also said that benchmark prices did not reflect overall prices and that the latest $5,000 psf benchmark was for a very unique penthouse unit.

And said a spokesperson for the Real Estate Developers Association Singapore (Redas): 'Redas will urge its members to co-operate with URA's request, as any additional market information will help potential buyers make informed decisions.'

The monthly data clearly benefits buyer.

For instance, the 493-unit Botannia in the West Coast was launched in May and so far, 255 units have been sold. Of the 150 units launched in June, 104 have been sold at an average price of $745 psf with prices ranging from $671 psf to $865 psf - enough information for buyers to make an informed decision.

Savills Singapore's director for marketing and business development said: 'More transparency is better for consumers. Those who are tempted to rush in to buy can now ask for the latest data or get it themselves.'

However, given the speed at which the market is moving, it is possible that even monthly data may not be an accurate reflection of property prices.

Figures from Savills Singapore reveal that the volume of transactions in the first half of the year has hit 16,246, 53 per cent higher than a year ago. It also noted a significant rise in the number of transactions above $2,000 psf - from 0.7 per cent in H1 2006 to 3.1 per cent in H1 2007.

Chesterton International head of research and consultancy Colin Tan believes that URA's monthly data does show that property prices, not just benchmark prices, are increasing.

But would such data help to calm the market? 'Transparency in this instance could work both ways,' said Mr Tan.

Propnex CEO Mohamed Ismail pointed out that while the data is for the preceding month, many new launches get sold out within weeks.

'The market is so hot now, and much of the activity is in the resale market. This new info will not help in this case,' he said, adding, 'It is only useful if there are units left in the development to sell.'

Developers will be taking some time to get used to the new monthly reporting protocol as the onus is now on them to ensure that the figures tally.