Private property prices down for 8th straight quarter: URA

Prices of private residential properties in the third quarter fell by 1.3 per cent from the previous quarter – the eight consecutive quarter of decline, the Urban Redevelopment Authority (URA) said on Friday (Oct 23).

The decline was sharper than in the second quarter, when prices fell 0.9 per cent.

The fall was observed across all segments of the private residential property market, URA said. Prices of non-landed properties in the Core Central Region (CCR) declined by 1.2 per cent from the previous quarter, while prices in the Rest of Central Region (RCR) and the Outside Central Region (OCR) both fell by 1.6 per cent. Prices of landed properties declined by 0.4 per cent.

Rentals of private residential properties fell by 0.6 per cent in third quarter, compared to a 1.1 per cent decline in previous quarter.

LAUNCHES, SALES UP; RESALES DOWN

Developers launched 2.435 uncompleted private residential units excluding Executive Condominiums (ECs) in the third quarter, up from the 2,099 units launched in the previous quarter, URA said. A total of 2,410 private residential units (excluding ECs) were sold by developers during the quarter, compared with 2,116 units in the second quarter.

A total of 2,387 EC units were launched during the quarter, and 1,212 units sold over the same period, up from the 439 units sold in the previous quarter.

The number of resale transactions fell to 1,619, down from the 1,827 transactions in the second quarter. Resale transactions accounted for 38.9 per cent of all sale transactions during the quarter, compared with 44.5 per cent in the previous quarter.

There were 130 sub-sale transactions, down from the 161 transactions in the previous quarter. Sub-sales accounted for 3.1 per cent of all sale transactions, down from the 3.9 per cent recorded in the previous quarter

MORE LAUNCHES IN THE PIPELINE

As at the end of the third quarter, there were 58,348 uncompleted private residential units (excluding ECs) in the pipeline, compared with 61,237 units in the previous quarter. Of this number, 22,456 units remained unsold. Adding the 14,540 upcoming EC units, there are a total of 72,888 units in the pipeline, according to URA.

Based on expected completion dates reported by developers, 6,296 units (including ECs) will be completed in the last quarter of 2015, URA said. Another 27,149 units (including ECs) are expected to be completed in 2016.

Source : Channel NewsAsia – 23 Oct 2015

COMMENTS