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Resale prices of private homes in S’pore dip 0.2% in May

Posted on 28 Jun 2013 | Comments Off

Resale prices of private homes in Singapore dipped 0.2 per cent in May, compared to the previous month’s 1.9 per cent price increase.

The fall was mainly due to price declines in non-central and small units.

This is according to the latest Singapore Residential Price Index (SRPI) flash estimates published by the Institute of Real Estate Studies at the National University of Singapore on Friday.

Prices of private homes outside the central region declined by 1.6 per cent in May, almost completely reversing the 1.8 per cent gains it recorded in April.

Meanwhile, prices of small units, defined as 506 square feet or less, also registered a dip of 1.3 per cent in May compared to a 1.4 per cent rise in April.

Analysts said the decline is most likely due to property market cooling measures that came into effect in January.

OrangeTee’s head of research and consultancy Christine Li said: “There were also some uncertainties over Fed Chairman Ben Bernanke’s May 22 comment on the possible tapering of QE and as a result, market sentiment was somewhat affected as stock market prices corrected sharply.”

Bucking the trend are prices of resale homes in the central region, which rose 1.5 per cent last month, down from the 1.9 per cent increase in April.

Source – CNA – 28 Jun 2013

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Posted in Property Market / Real Estate

Tagged Private Residential Property, Singapore Property, Singapore Real Estate, Singapore Resale Property

Singapore April residential sales decline 51% from record

Posted on 15 May 2013 | Comments Off

Singapore’s April home sales dropped 51% from a record in March as developers marketed fewer projects as residential prices posted the smallest gain in three quarters.

Home sales fell to 1,375 units in April, according to data from the Urban Redevelopment Authority released today. Sales in March rose to a record 2,793 units.

The island-state’s private residential property price index rose 0.6% in the three months ended March, the slowest pace in three quarters, according to data by the authority. Government measures in January, the seventh round of curbs in about four years, included an increase in the stamp duties for homebuyers by 5%age points to 7%age points.

“Developers couldn’t sustain the pace of launches they had in March, so we are seeing fewer sales in April,” said Alan Cheong, senior director of research and consultancy at broker Savills (Singapore) Pte. “The month of May will probably see the same pace of launches as April. We may see a pickup from the start of the third quarter.”

Home sales rose to a record in March, rebounding from a 14- month low in February and the highest since the government started releasing the information in June 2007, the data showed.

The curbs in January also included higher taxes on permanent residents when they buy their first home, and for Singaporeans starting with their second purchase.

Singapore will offer five residential sites in May which can yield about 2,725 homes, according to a government statement today.

Source : Edge – 15 May 2013