Prices of private residential properties fell by 0.9 per cent in the second quarter following a 1 per cent decline in the previous quarter, the Urban Redevelopment Authority (URA) says.
SINGAPORE: Prices of private residential properties in the second quarter fell by 0.9 per cent from the previous quarter - the seventh consecutive quarter of decline, the Urban Redevelopment Authority (URA) said on Friday (Jul 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) and Rest of Central Region (RCR) declined by 0.6 per cent from the previous quarter, while prices in the Outside Central Region (OCR) fell by 1.1 per cent. Prices of landed properties declined by 1 per cent.
Rentals of private residential properties fell by 1.1 per cent from the previous quarter, compared with a 1.7 per cent decline in the January to March period.
LAUNCHES, SALES, RESALES UP
Developers launched 2,099 uncompleted private residential units excluding Executive Condominiums (ECs) in the second quarter, up from the 1,189 units launched in the previous quarter, URA said. A total of 2,116 private residential units (excluding ECs) were sold by developers during the quarter, compared with 1,311 units in the first quarter.
A total of 480 EC units were launched during the quarter, and 439 units sold over the same period, up from the 326 units sold in the previous quarter.
The number of resale transactions rose to 1,827, up from the 1,250 transactions in the first quarter. Resale transactions accounted for 44.5 per cent of all sale transactions during the quarter, compared with 47.1 per cent in the previous quarter.
There were 161 sub-sale transactions, up from the 94 transactions in the previous quarter. Sub-sales accounted for 3.9 per cent of all sale transactions, up from the 3.5 per cent recorded in the previous quarter.
“Buyers are very selective, they are prepared to go into any of those developments where it is at right pricing,” said CEO of PropNex Realty Ismail Gafoor.
“But on the other hand, not many developers are able to bring down the prices any much lower, for the fact that the (profit) margin today is single-digit, and there is a standstill. Developers are not prepared to bring prices any lower while buyers are hoping for further correction or a tweak of cooling measures, whichever will allow them a greater leeway," he noted.
MORE LAUNCHES IN THE PIPELINE
As at the end of the second quarter, there were 61,237 uncompleted private residential units (excluding ECs) in the pipeline, compared with 68,201 units in the previous quarter. Of this number, 24,435 units remained unsold. Adding the 14,701 upcoming EC units, there are a total of 75,938 units in the pipeline, according to URA.
Based on expected completion dates reported by developers, 13,191 units (including ECs) will be completed in the second half of 2015, URA said. Another 25,841 units (including ECs) are expected to be completed in 2016.
- CNA/cy/xk
- POSTED: 24 Jul 2015 09:03
- UPDATED: 24 Jul 2015 23:03
- Source: ChannelNewsAsia
- http://www.channelnewsasia.com/news/singapore/private-property-prices/2004708.html