Private residential prices up 0.6% in Q1 2013

Private residential property prices in Singapore rose by 0.6 per cent in the first quarter of 2013, compared to the 1.8 per cent price growth recorded in the fourth quarter of 2012.

This is according to data released by the Urban Redevelopment Authority (URA) on Friday.

Private residential property rentals went up by 0.8 per cent in the first three months of this year, which was marginally higher than the 0.7 per cent in Q4 2012.

Developers launched 5,546 uncompleted private residential units (excluding Executive Condominiums, or ECs) for sale in Q1 2013, compared to 3,408 units in Q4 2012.

URA said developers sold 5,412 private residential units in Q1 2013, compared to 4,353 units in Q4 2012.

No new EC units were launched for sale in the first three months of this year.

Developers sold 725 EC units in Q1 2013, which is less than half the 1,682 units sold in Q4 2012.

The volume of resale transactions dropped sharply from 3,447 units in Q4 2012 to 1,871 units in Q1 2013.

Resale transactions fell to 24.5 per cent from 40.8 per cent in the previous quarter.

Some 100,560 private residential and EC units are in the pipeline as at end Q1 2013, said URA.

The figure comprises 88,623 uncompleted private residential units, of which 35,564 units remain unsold, as well as 11,938 EC units.

URA said another 9,920 units from Government Land Sales sites will soon be added to the pipeline supply.

This will bump up the overall pipeline supply to 110,481 private housing and EC units.

URA added that 18,400 units will be completed this year based on the expected completion dates indicated by developers.

Source : Channel NewsAsia – 26 Apr 2013

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