Private property prices down for fourth straight quarter

Prices of private residential properties in the third quarter fell by 0.7 per cent from the previous quarter – the fourth consecutive quarter of decline, the Urban Redevelopment Authority (URA) said on Friday (Oct 24).

The price decline 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 0.8 per cent from the previous quarter, following the 1.5 per cent decrease in the April to June period. Prices in the Rest of Central Region (RCR) declined by 0.4 per cent, the same rate of decline as in the previous quarter. In Outside Central Region (OCR), prices declined by 0.3 per cent, after the 0.9 per cent decline in the previous quarter. Prices of landed properties declined by 1.8 per cent, following the decrease of 1.7 per cent in the previous quarter.

Rentals of private residential properties in the third quarter fell by 0.8 per cent from the previous quarter, compared with a 0.6 per cent decline in the April to June period.

LAUNCHES AND TAKE-UP

Developers launched 1,294 uncompleted private residential units excluding Executive Condominiums (ECs) in the third quarter, lower than the 2,843 units in the second quarter, URA said. A total of 1,531 private residential units (excluding ECs) were sold by developers during the quarter, compared with 2,665 units in the previous quarter.

No new EC units were launched for sale during the quarter. Developers sold 162 EC units in the third quarter, compared with the 154 units sold in the second quarter.

RESALES AND SUB-SALES

The number of resale transactions fell to 1,288 in the third quarter, down from 1,389 transactions in the previous quarter. Resale transactions accounted for 43.6 per cent of all sale transactions during the quarter, compared with 33 per cent in the second quarter.

There were 136 sub-sale transactions in the third quarter, down from 158 transactions in the previous quarter. Sub-sales accounted for 4.6 per cent of all sale transactions in the quarter, up from the 3.8 per cent recorded in the April to June period.

SUPPLY IN THE PIPELINE

As at the end of the third quarter, there were 74,496 uncompleted private residential units (excluding ECs) in the pipeline, compared with 76,014 units in the previous quarter. Of this number, 28,120 units remained unsold. Adding the 14,131 upcoming EC units, there are a total of 88,627 units in the pipeline.

Another 8,550 units (including ECs) will soon be added to the pipeline supply, the URA said.

Source : Channel NewsAsia – 24 Oct 2014

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