Singapore govt's housing market warning may fall on deaf ears - SRX

Singapore's authorities are concerned the island-state's property market could be setting itself up for a fall.

A series of aggressive land deals by developers, against the backdrop of rising apartment sales and the first quarterly rise in private home prices for four years, was enough to prompt a recent warning from the nation's central bank to lenders, homebuyers and real estate firms.

There should be vigilance about risks "including the impact of rising interest rates, geopolitical developments, and excessive exuberance in the property market," Ong Chong Tee, a deputy managing director of the central bank, the Monetary Authority of Singapore (MAS), said at the end of November.

Persuading people to be more cautious could be a tough sell.

Local and foreign investors have waited years for signs that prices are bottoming out, and developers want to make sure they have a pipeline of projects in the land-starved state.

Real estate investors' animal spirits have certainly been reviving. Singapore is looking relatively cheap compared with some other major property markets in the region - where prices have been surging almost without a pause in recent years.

For example, housing prices, as of the third quarter, had risen 38 per cent in Hong Kong and 54 per cent in Sydney from four years earlier.

The property companies have been paying record sums to buy government land and existing apartment blocks, which they plan to knock down and re-build with developments that have more units.

A November report by consultancy Cushman & Wakefield estimated developers paid a 22 per cent average premium for the top five residential sites in 2017 over comparable sites in the past.

Authorities say recent sales could add 20,000 new private housing units, which will more than double the number of unsold units in the pipeline within the next one to two years.

But developers are hungry for land because their unsold inventory is close to record lows, nearly half the level in 2013, official data shows. And any physical oversupply is still some time away as apartments take four to five years to build.

The authorities' fear is that buying fervour will run ahead of an anticipated increase in housing supply, which could create an imbalance and lead to price declines with resulting losses for those involved. The government followed up last week by restricting the amount of land it will sell in the first half of next year to about the same level it made available in the second half of this year, versus some expectations for a hike.

While this risks helping to drive land prices up further, it will at least reduce the chances of overbuilding.

"The government is concerned about the manner and speed with which land prices are rising," said Desmond Sim, research head for Singapore and Southeast Asia at real estate services firm CBRE. "The government wants to keep Singapore property affordable for Singaporeans."

For now it is all jawboning, but analysts say the government and the central bank could intervene if the warnings go unheeded and if they see market instability.

Potential measures could include more stringent terms for buyers, curbing bank lending to developers or guidelines that may limit the units in a development. "There have been calls for relaxation of measures, but it could be the other way around now - tightening," said Alice Tan, head of research at real estate services firm Knight Frank Singapore.

Public resentment over rising housing prices and immigration, which was seen contributing to a higher cost of living, were highlighted in the 2011 general election, which the ruling People's Action Party won with its lowest-ever share of the vote.

Since then, the government slowed the growth of foreign workers and introduced more property cooling measures, such as additional stamp duties and tougher mortgage conditions.

Over 15 successive quarters, prices dropped 11.6 per cent, though they did finally start rising again in the third quarter of this year, with a gain of 0.7 per cent recorded.

The developers and home buyers are certainly optimistic.

City Developments and Keppel Corp's real estate unit, both of which bought sites this year, told Reuters separately that they would continue to look for potential opportunities to buy land in Singapore.

"The underlying demand from owner occupiers will still be there and this will contribute to a healthy market," City Developments' CEO-designate Sherman Kwek said.

The optimism can also be found among potential home buyers.

First-time buyer Rahi Shah, 30, has waited on the sidelines since 2014 when he perceived prices were "way too high".

He bought a three-bedroom condominium in August for over S$1 million. "I got it at the right time; prices were the lowest I had seen," he said.

Private home transactions have risen 32 per cent to 21,375 in the first 11 months of 2017 from 16,137 for all of last year, according to real estate consultancy Colliers' analysis of official data as of Nov 28.

Others, like IT sector employee Bernard Ng, are being driven into the market because of the fear of missing out on a good deal. "If you don't buy now, it will be even more expensive next time," he said.

Source: SRX (26 Dec 2017)

Sellers sprint for pot of gold in double-quick time - SRX

Even the most optimistic property market observer would not have anticipated the collective sale frenzy that shook up the sector this year.

Home owners in many estates were gripped by FOMO - fear of missing out, to those unfamiliar with social media-speak.

The record-setting sums being paid by land-hungry developers at state tenders and collective sales have galvanised owners across the island keen to hit the jackpot.

While this may not be that unusual, the surprise has been the speed at which sellers have been able to push their sites to market.

Getting the required 80 per cent approval from owners in an estate is usually a tortured, arm-twisting affair, but not so this year.

"There is a greater sense of urgency and a more collaborative spirit among owners," Colliers International managing director Tang Wei Leng noted.

The 80 per cent mark was being achieved in less than three months or, in some cases, within weeks.

It took Normanton Park, a 488-unit project near Kent Ridge Park, a mere 11 days to reach the 80 per cent consensus and a further two weeks to launch the tender.

Florence Regency, a 336-unit development in Hougang, closed a collective sale with Chinese developer Logan Property after attaining 80 per cent approval in less than three weeks.

The breakneck pace has slowed somewhat of late as "higher concluded land prices start to raise sellers' expectations", Ms Tang said.

Unrealistic expectations coupled with higher development charges, an increase in state land supply or an economic downturn could all dampen collective sale fever, she warned.

But most analysts believe the wave, which began gradually last year and roared to life in the middle of this year, still has some way to go.

This year, some 28 collective sales, and counting, have been awarded - a sharp contrast to just three such deals last year. Analysts believe more deals will close next year as an estimated 80 to 90 projects are at various stages of the collective sale process.

"As long as new launches continue to sell well and government land supply isn't rapidly ramped up, developers will continue to buy land from the en bloc market," said Mr Wong Xian Yang, OrangeTee's head of research and consultancy.

But the frenzy has prompted government warnings.

The Monetary Authority of Singapore said last month that a looming surge in private housing stock and higher land prices may not be met by increased demand.

But that appeared to fall on deaf ears: Two sites in Bukit Timah were sold on Dec 1 at record high prices to Allgreen Properties.

Source: SRX (21 Dec 2017)

Kismis View launched for en bloc sale for S$102m - SRX

KISMIS View, a collective sale site in Lorong Kismis in the Upper Bukit Timah area, has just been launched for sale by tender by JLL, for a minimum price of S$102 million.

JLL, the sole marketing agent, said on Wednesday that about 90 per cent of the owners consented to the collective sale.

Built in the early 1980s, Kismis View comprises 43 units in two four-storey and seven-storey apartment blocks. It is a 99-year leasehold site with a balance lease term of about 64 years.

Under the 2014 Master Plan, the 90,863 square foot site is zoned "Residential" with a gross plot ratio of 1.4.

JLL said the site may be redeveloped into a low-rise apartment development of up to five storeys, with a total gross floor area of about 139,929 sq ft including a 10 per cent bonus balcony area.

The maximum number allowed would be 168 units based on the minimum average size control of 70 square metres.

At the minimum price and with an estimated differential premium of about S$23 million (subject to verification and confirmation with the relevant authorities on the development baseline), Kismis View's land cost reflects about S$983 per sq ft per plot ratio, JLL said.

"This compared favourably with some nearby land sales such as the Government Land Sale site at Toh Tuck Road earlier this year; the predominantly residential mixed-use Goh & Goh Building site; and the most recent Mayfair Gardens."

Tan Hong Boon, regional director at JLL, said: "With a very manageable dollar quantum, sizeable potential upgraders from the nearby HDB estates as well as investor demand from the mature private housing owners in this Upper Bukit Timah locality, Kismis View is a desirable site of choice for developers."

The tender for Kismis View will close on Wednesday, Jan 17, 2018, at 2.30 pm.

The Business Times 

Source: SRX (23 Nov 2017)

Investors drawn again to real estate rebound - SRX

SINGAPORE'S property market has improved drastically in its investment prospect rankings, going from near the bottom of the table in 2017 to third place in 2018.

This follows a huge resurgence in investor sentiment this year, particularly in the office and residential sectors - two markets that are said to have bottomed out, although a survey of 600 real estate professionals reveals some sceptics who think the "bottoming" may be premature.

The Emerging Trends in Real Estate Asia Pacific 2018 report, a real estate forecast published by the Urban Land Institute (ULI) and PwC, noted that office rents in Singapore have firmed earlier than expected, while the completion of CapitaLand Commercial Trust's mega S$2.09 billion acquisition of Asia Square Tower 2 from BlackRock has galvanised the local market and set a new benchmark for valuations.

The residential sector is also showing signs of recovery with rising transactions and a slight uptick in pricing for the first time in four years. Sales of developer sites have also surged amid tightening supply as developers seek to replenish their land banks.

"The rebound seems likely to be sustainable, given several years of pent-up consumer demand. The Chinese developers have also been active in buying land, pushing up land auction prices for residential sites significantly through 2017," the report noted.

The residential market rebound could have been helped by a partial lifting of government cooling measures, which relaxed the conditions of the seller's stamp duty in March this year. This does little to help investment funds, however, because extra costs in the form of other applicable stamp duties are still a drag on returns.

The report is based on the opinions of more than 600 real estate professionals, including investors, developers, property company representatives, lenders, brokers and consultants.

There were some respondents, however, who see talk of a bottoming in Singapore's office property market as premature. According to one fund manager interviewed, business confidence is still low, supply abounds, and tenants are not really expanding.

"It's challenging to bring foreign workers in because the government has responded to local concerns to protect jobs, and at the same time a lot of the European banks are downsizing, which hits demand for space. I don't want to be negative, but we're not seeing a big pipeline of deals that interest us," the fund manager said.

Colin Galloway, ULI consultant and principal author of the report, said it is "sentiment basically" that has moved Singapore from second- last in a list of 22 investment destinations to third place. Investors want to get in early on the upturn cycle, and are okay even if future performance shows that the market has not yet reached its trough and it continues sideways for a while.

"Investors won't look at the cities that are at the top (of the investment prospects table); they look at the cities that are at the bottom because they are looking for that rebound from when blood is on the streets. The potential profits are greater if you can catch it at the bottom.

"If you get in early, then a lot of people don't mind too much if they have to hold the assets for a couple of years while the market turns around. That's not a big deal for them... if they lose two years simply because the market is slow to turn," said Mr Galloway.

The Business Times

Source: SRX (22 Nov 2017)

Resale volume for private homes jumps 18.7% - SRX

Resale transactions went into overdrive last month, with numbers rocketing past the level recorded in September.

The activity is a stark sign that life is roaring back into the market, although things are still far from the glory days of 2010 and 2014.

There were 1,461 non-landed private residential units resold in October, up 18.7 per cent on the 1,231 shifted in the previous month, according to SRX Property estimates. The year-on-year result is even more impressive, with October's volume up 122 per cent from the 658 units resold in the same month last year, although it was 28.7 per cent below the peak of 2,050 units in April 2010.

SRX Property said private non-landed resales for the first 10 months of the year are 46 per cent higher than for the whole of 2016. It predicts the volume for this whole year will be around 12,600 units - up 65 per cent from last year's 7,633 units.

Mr Wong Xian Yang, OrangeTee's head of research and consultancy, expects resale volumes of private homes to continue growing on the back of increased demand.

He suggests that the record resale prices for city-fringe non-landed private homes could have been fuelled by the surge in land prices for both collective-sale sites as well as Government Land Sale sites.

"Those selling private apartments and condos units in the rest of central region (RCR) in the resale market are holding firm or raising their asking prices, as higher land prices tend to augur well for future property prices," he said.

Resale prices for condo units and private apartments in the city fringe or RCR reached a new high last month, going by SRX Property flash estimates. On a month-on-month basis, its resale price index for non-landed private homes posted a 1.5 per cent gain last month. The price index for the suburbs, or outside central region (OCR), climbed at an even faster pace of 1.7 per cent.

In the prime core central region (CCR), prices inched up 0.3 per cent. As a result, SRX Property's overall resale price index for private apartments and condo units rose 1.3 per cent last month over September. This followed a 0.1 per cent month-on-month rise in the overall index in September.

On a year-on-year basis, the RCR price index outshone the other two regions with a 7.5 per cent gain. This was followed by a 6.4 per cent increase for the CCR and a 5.5 per cent increase for the OCR.

The Straits Times

Source: SRX (15 Nov 2017)

SRX: HDB resale prices slip 0.3% in October but volume rises 5.9%

HDB resale prices dipped by 0.3 per cent in October from a month ago, the same decline seen in September, but sales volume recovered to post a 5.9 per cent increase, SRX Property flash estimates showed on Thursday (Nov 9).



From a year ago, resale prices in October were 1.9 per cent lower, and 12.5 per cent below the peak in April 2013.

Month on month, the resale prices of HDB 3-room and 5-room flats rose by 0.5 per cent and 0.2 per cent respectively, while 4-room remained the same and executive flats dropped by 0.9 per cent.

Resale prices in mature estates reversed September's rise with an 0.8 per cent drop in October, while non-mature estates edged up by 0.1 per cent.

Based on SRX Property estimates of HDB resale transactions, about 1,781 HDB resale flats were sold in October, a 5.9 per cent increase from 1,681 units in the previous month. This was a swing from the 14 per cent month-on-month fall in sales seen in September.

Year on year, resale volume has increased by 5.0 per cent compared to the 1,696 units resold in October 2016.

But sales are down by 51.2 per cent compared to the peak of 3,649 units in May 2010.

Bukit Timah posted the highest median Transaction Over X-Value (TOX) in March. TOX measures whether buyers are overpaying or underpaying SRX Property's computer-generated market value.

For HDB towns having more than 10 resale transactions in October, Bukit Timah reported the highest median TOX of S$53,000 followed by Bukit Merah with S$5,500. This means that majority of the buyers in these towns purchased units above SRX's computer-generated market value.

Bishan posted the most negative median TOX of S$22,000, followed by Marine Parade at S$9,000.


Source: SRX (09 Nov 2017)

Singapore’s Property Market: Is 2018 The Right Time To Start Investing In Private Properties Again? - DOLLARS AND SENSE

Investing in Singapore’s property market doesn’t necessarily mean you have to own a condominium unit.

Last week, URA reported that the private residential property index for 3Q2017 have increased by 0.5 per cent. This is the first time an increase has been seen, after 15 straight quarters, or close to four years, of decline.

Having endured a lacklustre market for four years, there is finally good news for property experts and real estate developers to get excited about. But should you, as a retail investor, be looking to jump back in to the market now that sentiments are slowly starting to pick up?

Of course, this is the million-dollar question on everyone’s mind. Should we buy a private property now in the hopes that we can strike it rich when the market takes off, or do we risk missing out on the cycle?

The Market Has Been Declining For 15 Straight Quarters

What goes down should eventually go up.

That’s the logic most investors are counting on for the local property market. Having endured 15 straight quarters of decline, it makes sense to expect prices to finally rebound, sooner rather than later.

To understand just how long this decline has been, we can compare the current market situation against past periods when the market has been sluggish.

	Period Of Decline	Decline
Asian Financial Crisis (1997)	10 Quarters	– 45%
Dot-Com Bubble/Sars Outbreak (2000)	15 Quarters	– 20%
Great Financial Crisis (2007)	4 Quarters	– 25%
Post Cooling Measure Period (2013)	15 Quarters	-12%

The first observation is that as far as declines are concerned, the current period of 15 straight quarters of decline has been really long, even when compared to periods where there were major recessions.

However, while price have been declining for an extended period, the size of the decline (12%) has been relatively small, when compared to declines observed in other periods.

One of the reasons for this is likely due to the fact that the decline has been artificially induced through cooling measures rather than experiencing a market crisis. These cooling measures were introduced by the Singapore government to 1) stop property prices from climbing upwards due to speculation and 2) ensure a “soft landing”.

By the looks of things, it appears that the government has been successful.

What this also means for would-be buyers is that unlike previous recoveries, which came shortly after our country pulled away from a crisis, it may not be prudent to expect prices to increase as quickly this time around.

Sure, there will be real estate agents telling you that the property market will ignite once the government removes some of the cooling measures, specifically the Additional Buyer Stamp Duty (ABSD) and/or the Total Debt Servicing Ratio (TDSR).

They are right. And because they would be right if it happens, is precisely why these cooling measures will likely continue to remain in place for the foreseeable future.

The En Bloc Fever

The en bloc fever is one major trend for 2017/2018 to watch out for, since it’s likely to push the property market forward. Just last week, news broke that Amber Park had been sold via en bloc for a record S$906.7 million. Owners will receive between $4.3 million to $8.3 million.

In an exclusive group interview with media analysts organised by the Singapore Exchange (SGX), Oxley Deputy CEO Eric Low rightly pointed out to us the difference between land bought through the Government Land Sales Programme (GLS) and the en bloc deal. While the former takes millions of dollars out of the property market, as proceeds from GLS goes straight into the Singapore’s reserve, en bloc deals allow money to flow back into the property market.

For example, owners of Amber Park will now have an average of about $6.3 million each. With this money on hand, and possibly needing to find a new home (or two), there is a good chance that the bulk of the $900 million plus proceeds will be invested back into the local property market. If you add a leverage effect to this (since buyers can also take a loan), the value increases.

With the total value of private residential en bloc deals already crossing $3 billion for 2017, and possibly reaching $5 billion by the end of the year, it’s likely that we will be seeing some of this money being re-invested into the market in 2018.

Different Intentions Of Buyers Today

While the previous bull runs in the property market were caused largely by speculative and foreign investors, we think it’s fair to say that a larger majority of potential buyers in the next few years would be locals buying for their own living purposes, rather than for investment purposes.

Lionel Lin, Vice President from the SGX Research and Product team, points out that the current property market includes many barriers to entry such as the Selling Stamp Duty (SSD), ABSD and TDSR, which would-be buyers need to carefully consider. In addition, property investing also requires large sums of cash upfront as well as a loan to be taken.

It’s also worth noting that property investors today have other ways of entering the property market aside from just buying private properties.

Real estate is one of the most established sectors on SGX with a total of 108 companies being listed, combining for a market capitalisation of over S$196 billion, and accounting for about 20% of SGX market capitalisation.

Investors can choose to invest in up to 43 professionally managed Real Estate Investment Trusts (REITs) and property trusts or Singapore property developers themselves. If they are unsure about what to invest in, they can also choose to invest in REITs ETFs.

These are options in today’s market that weren’t always available in the past. Savvy investors can now get higher returns from these investments without needing to cough up a large sum of capital upfront, or risk overleveraging themselves with property loans.

Read Also: 7 Types of REITS In Singapore, And The Reasons Why People Invest In Them

Demand In Rental Market Is Still Weak

If you are thinking of investing in a private property to generate rental income, it’s worth pointing out that the rental market is still relatively weak. Hence, expecting attractive yields from your properties is something that you shouldn’t be count too much on. The weak rental market is another main factor behind the large spike in mortgagee sale in 2017.

Source: URA

Should I Start Looking At Private Properties Today?

DollarsAndSense.sg has written previous articles where we shared our views about the local property market. In 2016, we rightly mentioned that Singaporeans should wait until at least 2017 before they start buying private properties. A few months ago, we stated that Singaporeans looking to buy a private property for their own stay can start looking and shortlisting possible places to consider, but that there is no need for them to rush.

Our views remain the same. The property market today is attractive for you to consider for your own home stay as prices have (rightfully) declined. However, if you are intending to buy a property to generate investment returns, you may be better off considering other property investment opportunities such as REITs or property developers themselves.

Source: DOLLARS AND SENSE (10 Oct 2017)

En Bloc Sales: How Much Do Private Property Home Owners Stand to Gain? - MONEYSMART

Many Singaporean property owners think of en bloc sales as 4D or Toto, but with better odds.

But the reality is a little different, if you understand how en bloc sales work. Basically, you are getting paid to vacate your property. That means that, unless you have somewhere else to live, you will have to use that cash to buy another home.

Aside from the fact that you’re basically being forced to leave your home, your nest where you’ve made so many memories over the years, you’ll also have to use your precious en bloc proceeds to buy a new place.

So what do you actually stand to gain when your property goes en bloc?

What exactly happens when your property is acquired in an en bloc sale?

To understand how much you can profit from an en bloc sale, you must first know how the en bloc system works.

An en bloc sale happens when a developer wants to buy up the land on which your property stands. These developers think they can make more money out of the land than what they’re paying for it. So if you’re living in an old condo where each block is only five storeys high, you’ve got a good chance of going en bloc, as developers can demolish existing blocks, build 25-storey towers in their place and make more money.

But to do that, they will need most of the residents (80% of residents to be precise, or 10% if the property is under 10 years old) to agree to sell their homes to them in an en bloc sale.

Obviously, residents aren’t going to want to sell their homes for peanuts. So the kinds of sums developers offer in en bloc sales tend to be very attractive.

Now, what if there is no eager developer on the horizon waiting to swoop down and buy your property, but your neighbours are all dying to push through an en bloc sale?

Well, en bloc sales can be initiated by residents if they manage to get the requisite number of signatures. They will then try to find a developer who’s willing to pay a price that most of the residents are happy with.

Will you get a good price?

En bloc sales tend to happen to pretty old buildings, so there’s a higher chance that owners have been living there a long time and bought the property when it was worth a lot less.

But that doesn’t necessarily mean you’ll become an overnight millionaire, especially considering you’ll have to buy a new home. While developers usually offer a pretty good price, it is the owners’ responsibility to benchmark that price against what they can get for their units on the market.

Also, remember that en bloc sales take time to be completed. A committee has to be formed, and the sales committee then has to try to convince people to sign the Collective Sale Agreement. Most en bloc sales take more than a year to be finalised.

In all that time, the market can change significantly. Right now, private property prices are terribly depressed, but should the market suddenly start to recover, that might make some en bloc offers turn unattractive.

In addition, there are some unlucky situations in which you might enjoy little to no capital gains, such as if you only bought the unit recently.

Effecting the sale

From the day the en bloc sale is proposed to the day you get your money, you’re looking at at least 1.5 years.

Once the wheels are set in motion, a committee has to be set up comprised of owners in the development. If you really, really want the sale to go through and think you have good powers of persuasion, you might want to nominate yourself as a committee member. The committee will then aim to get the signatures of enough owners to be able to effect the sale.

While you have quite a bit of time before you’ll actually have to move house, you should start looking around for a new home as soon as possible.

This applies even if you don’t actually want to go through with the en bloc sale—because unfortunately, if you’re outnumbered, it’s going to happen whether you like it or not.

Buying a new home

When HDB flats get sold under the SERS programme, the government rehomes occupants by giving them shiny new flats. There is no such thing for private property owners, however. So get ready to source for and buy your new home on your own.

Take heart–private property prices have been on the decline for a long time now, and the housing market is still in a slump. That means that you could potentially purchase a new home at a very attractive price.

When deciding whether or not you should support an en bloc sale, always compare how much you can earn with how much you would need to spend on a new home. Property prices can fluctuate quite a bit over the next year or two, and you don’t want to find yourself in the position where you’re unable to get a new home at a good price.

Joanne Poh

September 19, 2017

Source: MONEYSMART

Changi Garden sold for $248.8m - PropertyGuru

The apartment owners will receive between $2.14 million and $2.27 million. (Photo: Edmund Tie)

Changi Garden is the latest development to be sold in an en bloc sale for $248.8 million, revealed marketing agent Edmund Tie & Co. on Tuesday (17 October).

The buyer is CEL Development, a member of Chip Eng Seng Group.

The price works out to about $888 psf per plot ratio (psf ppr), and is much higher than the asking price of $196 million ($700 psf ppr).

Located at Upper Changi Road North, the freehold property sits on approximately 200,093 sq ft of land. The site is zoned residential with a plot ratio of 1.4, according to the 2014 Master Plan.

Developed in the late 1970s and early 1980s, Changi Garden comprises 60 apartments, 12 penthouses and 12 shops.

The apartment owners will receive between $2.14 million and $2.27 million, while penthouse owners will get between $4.03 million and $4.74 million. Shop owners are expected to receive $4.7 million to $7.08 million.

“In addition to the high development baseline, we have also shared feedback and advice which we obtained from the relevant authorities with developers,” said Tan Chun Ming, director of investment advisory at Edmund Tie & Co.

“Furthermore, there has not been any residential land sold within a 2.8km radius of Changi Garden since 2013. All these are selling points that developers would find attractive.”

CEL Development is expected to build a residential project that could incorporate a retail component, subject to the approval of the relevant authorities.  

Romesh Navaratnarajah, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories, email romesh@propertyguru.com.sg

Source: PropertyGuru (17 Oct 2017)

URA releases flash estimate of 3rd Quarter 2017 private residential property price index - URA

Published Date: 02 Oct 2017

The Urban Redevelopment Authority (URA) released the flash estimate of the price index for private residential property for 3rd Quarter 2017 today.

Overall, the private residential property index increased 0.7 point from 136.6 points in 2nd Quarter 2017 to 137.3 points in 3rd Quarter 2017. This represents an increase of 0.5%, compared with the 0.1% decline in the previous quarter (see Annex A [PDF, 13kb] and Annex B [PDF, 11kb]).

Prices of non-landed private residential properties increased by 0.2% in Core Central Region (CCR), compared to the 0.5% fall in the previous quarter. Prices in the Rest of Central Region (RCR) was unchanged, after registering an increase of 0.6% in the previous quarter. Prices in Outside Central Region (OCR) increased by 0.7%, after registering a 0.3% decline in the previous quarter (see Annex C [PDF, 11kb]).

The flash estimates are compiled based on transaction prices given in contracts submitted for stamp duty payment and data on units sold by developers up till mid-September. The statistics will be updated on 27 October when URA releases its full set of real estate statistics for 3rd Quarter 2017. Past data have shown that the difference between the quarterly price changes indicated by the flash estimate and the actual price changes could be significant when the change is small. The public is advised to interpret the flash estimates with caution.

Source: URA

Flash Estimate of 3rd Quarter 2017 Resale Price Index - HDB

Published Date: 02 Oct 2017

             HDB’s flash estimate of the 3rd Quarter 2017 Resale Price Index (RPI) is 132.9, a decline of 0.6% over 2nd Quarter 2017 (see Annexes A1 and A2).  

2          The RPI provides information on the general price movements in the resale public housing market. The transacted prices of individual flats (by block and flat type) can be found via the e-services available on HDB’s InfoWEB.

3          The RPI for the full quarter, together with more detailed public housing data, will be released on 27 October 2017.

 

Upcoming Sales Launch

4          HDB will offer about 4,800 Build-To-Order (BTO) flats in Geylang, Punggol, Sengkang and Tampines in the November 2017 BTO exercise. This will bring the total BTO flat supply for 2017 to about 17,500 units. More information on the BTO flats is available on the HDB InfoWEB. There will also be a concurrent Sale of Balance Flats (SBF) exercise.

Source: HDB