URA Flash Estimate Falls 5.9% In Q2 Pte Home Price Index
Source : The Business Times, July 1, 2009
The official price index for private homes slipped 5.9 per cent in second quarter 2009 over the preceding quarter, according to a flash estimate released on Wednesday by the Urban Redevelopment Authority (URA).
The Q2 drop is smaller than the 14.1 per cent quarter-on-quarter decline in the index in Q1 this year.
URA also released on Wednesday the flash estimates of the price changes in the three geographical regions for Q2.
Prices of non-landed private residential properties decreased by 6.6 per cent in Core Central Region, 6.3 per cent in Rest of Central Region and 2.6 per cent in Outside Central Region in Q2 over Q1.
In comparison, for the first three months of this year, prices of non-landed private residential properties posted quarter-on-quarter drops of 16.2 per cent in Core Central Region, 17.0 per cent in Rest of Central Region and 7.3 per cent in Outside Central Region.
Private Home Prices In Singapore Drop 5.9% In Q2
Source : Channel NewsAsia, 01 July 2009
Private home prices in Singapore have fallen for the fourth straight quarter, though at a slower pace.
Initial estimates from the Urban Redevelopment Authority (URA) on Wednesday showed that the cost of private residential properties fell by 5.9 per cent in the second quarter, compared to the record drop of 14.1 per cent in the previous quarter - the steepest fall since 1975.
Observers projected that some 4,000 new private homes were sold between April and June, 50 per cent more than the previous quarter.
Strong sales volume and improved market sentiment drove prices up, narrowing the decline in the second quarter.
Donald Han, managing director, Cushman and Wakefield, said: "We are going into a scenario of an upturn. (For) the third quarter, we may look at a potential positive number.
"There is still liquidity in the market and system, looking for good yielding assets. There is still a lot of activity out there and that will continue for the next two to three quarters."
According to the latest numbers, prices for homes in the second quarter slid across the board, dipping by 6.6 per cent in the central region, 6.3 per cent in the city fringe and 2.6 per cent in suburban areas.
Going forward, experts say developers will continue to launch mass market projects starting at S$800 per square foot (psf).
Overall, prices for the second half of the year is expected to rise by up to 10 per cent, with prospects for mid-tier properties also looking up.
Liang Thow Ming, director, Residential Services, Credo Real Estate, said: "Mid-end market has basically gone to the four-digit region at this point in time. I expect mid-end (market) will start at S$1,000 (psf) upwards. There has been a lot of activity which will sustain very well. In fact, I think it may be the out performer for the rest of this year."
More expensive luxury apartments averaging between S$3,000 and S$4,000 psf may also be placed for sale, though on a selective private preview basis.
Market watchers say foreign investors will take positively to the latest figures. And they expect some foreign buyers to return in the next six to eight months, with the majority of them likely to be looking at properties above S$5 million.
A minor recovery was also seen in the resale prices of public flats.
The Housing and Development Board said preliminary data showed that the resale price index rose 1.2 per cent between April and June, to an all-time high of 140 points since records began in 1990.
This was a 1.2 per cent price increase in the second quarter, reversing a dip of 0.8 per cent in the previous quarter.
Property agents say this is on the back of greater job security and realistic home prices.
For the whole year, observers expect resale prices of public flats to go up by some three to five per cent.
The figures captured transaction prices in the first 10 weeks of the quarter. The data for the full second quarter will be released on July 24. - CNA/yb/yt
Private home prices in Singapore have fallen for the fourth straight quarter, though at a slower pace.
Initial estimates from the Urban Redevelopment Authority (URA) on Wednesday showed that the cost of private residential properties fell by 5.9 per cent in the second quarter, compared to the record drop of 14.1 per cent in the previous quarter - the steepest fall since 1975.
Observers projected that some 4,000 new private homes were sold between April and June, 50 per cent more than the previous quarter.
Strong sales volume and improved market sentiment drove prices up, narrowing the decline in the second quarter.
Donald Han, managing director, Cushman and Wakefield, said: "We are going into a scenario of an upturn. (For) the third quarter, we may look at a potential positive number.
"There is still liquidity in the market and system, looking for good yielding assets. There is still a lot of activity out there and that will continue for the next two to three quarters."
According to the latest numbers, prices for homes in the second quarter slid across the board, dipping by 6.6 per cent in the central region, 6.3 per cent in the city fringe and 2.6 per cent in suburban areas.
Going forward, experts say developers will continue to launch mass market projects starting at S$800 per square foot (psf).
Overall, prices for the second half of the year is expected to rise by up to 10 per cent, with prospects for mid-tier properties also looking up.
Liang Thow Ming, director, Residential Services, Credo Real Estate, said: "Mid-end market has basically gone to the four-digit region at this point in time. I expect mid-end (market) will start at S$1,000 (psf) upwards. There has been a lot of activity which will sustain very well. In fact, I think it may be the out performer for the rest of this year."
More expensive luxury apartments averaging between S$3,000 and S$4,000 psf may also be placed for sale, though on a selective private preview basis.
Market watchers say foreign investors will take positively to the latest figures. And they expect some foreign buyers to return in the next six to eight months, with the majority of them likely to be looking at properties above S$5 million.
A minor recovery was also seen in the resale prices of public flats.
The Housing and Development Board said preliminary data showed that the resale price index rose 1.2 per cent between April and June, to an all-time high of 140 points since records began in 1990.
This was a 1.2 per cent price increase in the second quarter, reversing a dip of 0.8 per cent in the previous quarter.
Property agents say this is on the back of greater job security and realistic home prices.
For the whole year, observers expect resale prices of public flats to go up by some three to five per cent.
The figures captured transaction prices in the first 10 weeks of the quarter. The data for the full second quarter will be released on July 24. - CNA/yb/yt
Private Home Prices Dip 5.9%
Source : The Straits Times, July 1, 2009
SINGAPORE'S private home prices fell 5.9 per cent in the second quarter, which was an improvement from the record 14.1 per cent fall in the first quarter.
--PHOTO: EYEB
Initial estimates released by the Urban Redevelopment Authority (URA) on Wednesday also showed the decline in non-landed home prices was the lowest in the suburban areas.
Prices in this segment fell just 2.6 per cent, compared with a 6.6 per cent slide in the core central areas and a 6.3 per cent fall in the city-fringes.
The residential property market has been witnessing a boom of late, with buyers flocking to showflats to buy uncompleted homes.
Although the economic climate here remains weak, sales of new private homes have been strong and the resale homes market has also improved.
'The strong buying phenomenon in the market is partly due to new competitive pricing for some projects, the recent stock market rally, signs of an economic turnaround and pent-up demand,' said Mr Eugene Lim, ERA Asia Pacific's associate director.
In the HDB resale market, prices even rose 1.2 per cent on strong demand, reversing a marginal 0.8 per cent fall in the first quarter.
URA's initial estimates are based on caveats lodged during the first 10 weeks of the quarter. Updated figures will be released four weeks later.
Check out my Rock Solid Links:SINGAPORE'S private home prices fell 5.9 per cent in the second quarter, which was an improvement from the record 14.1 per cent fall in the first quarter.
--PHOTO: EYEBInitial estimates released by the Urban Redevelopment Authority (URA) on Wednesday also showed the decline in non-landed home prices was the lowest in the suburban areas.
Prices in this segment fell just 2.6 per cent, compared with a 6.6 per cent slide in the core central areas and a 6.3 per cent fall in the city-fringes.
The residential property market has been witnessing a boom of late, with buyers flocking to showflats to buy uncompleted homes.
Although the economic climate here remains weak, sales of new private homes have been strong and the resale homes market has also improved.
'The strong buying phenomenon in the market is partly due to new competitive pricing for some projects, the recent stock market rally, signs of an economic turnaround and pent-up demand,' said Mr Eugene Lim, ERA Asia Pacific's associate director.
In the HDB resale market, prices even rose 1.2 per cent on strong demand, reversing a marginal 0.8 per cent fall in the first quarter.
URA's initial estimates are based on caveats lodged during the first 10 weeks of the quarter. Updated figures will be released four weeks later.
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