SINGAPORE - Prices of private residential properties fell by 1.0 per cent in Q1 this year, marking the sixth straight quarter of decline.
According to the Urban Redvelopment Authority, all segments of the private residential property market suffered price declines, with prices of non-landed properties falling 0.4 per cent in the Core Central Region (CCR), 1.7 per cent in the Rest of Central Region (RCR), and 1.1 per cent in the Outside Central Region (OCR).
Prices of landed properties declined by 0.9 per cent.
Overall rentals also fell by 1.7 per cent in Q1 1st Quarter 2015.
Rents of non-landed properties fell 1.9 per cent in the CCR, 1.6 per cent in the RCR and 1.8 per cent in the OCR. Rental prices of landed properties declined by 1.2 per cent.
In the first quarter, developers launched a total of 1,189 uncompleted private residential units (excluding Executive Condominiums). This is lower than the 1,592 units launched Q4 last year.
A total of 1,311 new private residential units (excluding ECs) were sold by developers in Q1. This is also lower than the 1,376 units sold in Q4.
Developers launched 378 EC units for sale in Q1 and sold 326 EC units over the same period, significantly lower than the 1,113 units sold in Q4 last year.
A total of 1,250 resale transactions took place in Q1, accounting for 47.1 per cent of all sale transactions in the period.
There were 94 sub-sale transactions, accounting for 3.5 per cent of all sale transactions.
By the end of the quarter, there was a total supply of 68,2013 uncompleted private residential units (excluding ECs) in the pipeline, slightly lower than the 68,960 units in Q4. Of this number, 27,061 units remained unsold at the end of Q1.
There were also 15,441 EC units in the pipeline.
Based on expected completion dates reported by developers, 21,319 units (including ECs) will be completed by the end of the year. In comparison, 23,298 units were completed in 2014. Another 25,769 units are expected to be completed in 2016.
The stock of completed private residential units (excluding ECs) increased by 2,821 units in Q1. The vacancy rate of completed private residential units decreased to 7.2 per cent from 7.8 per cent at the end of Q4 in 2014.
Friday, Apr 24, 2015
AsiaOne
Source: AsiaOne