SINGAPORE - Prices of private residential properties have decreased by 1.1 per cent in the fourth quarter of 2014, higher than the 0.7 per cent decline in the previous quarter.
This is the fifth straight quarter of gradual price decline, said a Urban Redevelopment Authority (URA) release on real estate statistics for the fourth quarter of 2014.
As a whole, 2014 saw a 4 per cent decreased in prices of private residential properties, compared with an increase of 1.1 per cent in 2013.
This is the first year of an overall price decline since 2008.
Price decline was observed across all segments of the private residential property market.
Prices of non-landed properties in the Core Central Region (CCR) - comprising of districts 9, 10, 11, downtown core planning area and Sentosa - declined by 0.9 per cent, more than the 0.8 per cent decline in the previous quarter.
Prices in the Rest of Central Region (RCR) declined by 1.4 per cent, significantly more than the 0.4 per cent decline as in the previous quarter.
In the Outside Central Region (OCR), prices declined by 0.8 per cent, significantly more than the 0.3 per cent decline in the previous quarter.
For the whole of 2014, prices in CCR, RCR and OCR have fallen by 4.1 per cent, 5.3 per cent and 2.2 per cent respectively.
Prices of landed properties declined by 1.3 per cent, compared to the decrease of 1.8 per cent in the previous quarter. For the whole of 2014, prices of landed properties declined by 5.3 per cent.
Rentals of private residential properties fell by 1 per cent in the fourth quarter of 2014, higher than the 0.8 per cent decline in the third quarter of 2014.
For the year 2014 as a whole, rentals of private residential properties fell by 3 per cent, compared to the 0.9 per cent increase in 2013.
Developers launched 1,592 uncompleted private residential units (excluding Executive Condominiums (ECs)) for sale in the fourth quarter of 2014, higher than the 1,294 units in third quarter of 2014.
For the whole of 2014, developers launched 7,693 units for sale, significantly lower than the 15,885 units launched for sale in 2013.
Developers sold 1,376 private residential units (excluding ECs) in the fourth quarter of 2014, lower than the 1,531 units sold in the third quarter of 2014.
For the whole of 2014, developers sold 7,316 units, significantly lower than the 14,948 units sold in 2013.
Developers launched 2,505 EC units for sale in the fourth quarter of 2014. Developers sold 1,113 EC units in fourth quarter 2014, compared to 162 units in the third quarter of 2014. For the whole of 2014, developers launched 2,505 EC units for sale, selling 1,578 units.
There were 1,151 resale transactions in fourth quarter 2014, lower than the 1,377 transactions in third quarter of 2014. Resale transactions accounted for 43.7 per cent of all sale transactions in the fourth quarter of 2014, compared to 45.0 per cent in the third quarter of 2014.
For the whole of 2014, 4,860 units were sold in resale transactions, significantly lower than the 6,671 units in 2013.
At the end of the fourth quarter of 2014, there were a total supply of 68,960 uncompleted private residential units (excluding ECs) in the pipeline, lower than the 74,496 units in the third quarter of 2014. Of this number, 26,742 units remained unsold as at the fourth quarter of 2014. After adding the supply of 14,220 EC units, there were 83,180 units in the pipeline.
Based on expected completion dates reported by developers, 24,796 units (including ECs) will be completed in 2015. Another 25,717 units (including ECs) are expected to be completed in 2016. In comparison, 23,298 units (including ECs) were completed in 2014.
Source: AsiaOne (23 Jan 2015)