Friday, July 24, 2009

Home prices dip 4.7%

But HDB resale prices rose 1.4%
SINGAPORE private home prices fell 4.7 per cent
in the second quarter, less than the preliminary 5.9 per cent drop estimated earlier, in signs that the recession is easing.
The price index of private residential property declined to 133.3 from 139.9 in the previous three months, the Urban Redevelopment Authority (URA) said in a statement on Wednesday. This is the 4th straight quarter decline but it is less than the 14.1 per cent sharp drop in the first quarter.

Bucking the trend, Housing Board resale flat prices rose by 1.4 per cent in the same quarter, after a marginal drop of 0.8 per cent in the previous three months.

URA said prices of apartments fell by 4.9 per cent, while prices of condominiums fell by 4.5 per cent Prices of non-landed properties in Core Central Region (CCR) fell by 5.2 per cent in the second quarter, while and prices of non-landed properties in Rest of Central Region (RCR) and Outside Central Region (OCR) fell by 4.4 per cent and 2.3 per cent respectively.

Prices of landed properties fell by 4.7 per cent, compared with the 9.2 per cent drop in the previous quarter. Prices of detached, semi-detached and terrace houses fell by 6 per cent, 3.6 per cent and 3.9 per cent respectively.

A total of 3,869 uncompleted private residential units were launched for sale by developers in the second quarter, compared with 2,108 units in the earlier quarter. Of these , 1,134 units were in CCR, 1,426 units were in RCR, and 1,309 units were in OCR.

The total number of sub-sales was 940 in Q2, compared to 412 in the previous quarter. URA said the vacancy rate of completed private residential units remained at 5.9 per cent as at the end the second quarter.

Prices of private office, shop and industrial properties also fell by 3.9 per cent, 1.4 per cent and 4.5 per cent in Q2.

Private home sales in Singapore have soared since the start of February, reaching a record high of 1,825 units in June, while home loans were up 8.8 percent year-on-year in May, the latest month for which data is available.

National Development Minister Mah Bow Tan said on July 9 there was no sign of excessive speculation in Singapore's residential housing market, amid growing concerns in some parts of Asia about a looming bubble in stocks and property.

Home-buyers can view data on individual uncompleted private residential projects at The database also provides information on projects with units still available for sale.

They can also access information on all private residential property transactions on URA's website at the following url:
THE URA data showed that rentals of private residential units continued to tumble, sliding by 5.2 per cent, as well as office, shop and industrial rents, which went down by 7.7 per cent, 2 per cent and 5.6 per cent respectively.
"The rates of decrease in the prices and rentals of private residential, office, shop and industrial properties have moderated in the second quarter as compared to the first quarter," said URA.
As at the end of June, there were 62,350 private residential units in the pipeline. Of these, 38,482 units were still unsold. These comprised 2,594 units that had been launched for sale by developers and 12,534 units which had the pre-requisite conditions for sale and could be launched for sale immediately.
The remaining 23,354 units with planning approvals but were not ready for sale.
Of the 62,350 units, 38,112 units were expected to be completed between the third quarter of this year and 2012, of which 27,934 units were being built.
For the office sector, there was a pipeline supply of about 1.24 million sq m Gross Floor Area (GFA) of office space from various Government and private land sources.

Source: Straits Times, Breaking News, 24 July 2009

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