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Private residential prices up 0.6% in Q1 2013

Posted on 27 Apr 2013 | Comments Off

Private residential property prices in Singapore rose by 0.6 per cent in the first quarter of 2013, compared to the 1.8 per cent price growth recorded in the fourth quarter of 2012.

This is according to data released by the Urban Redevelopment Authority (URA) on Friday.

Private residential property rentals went up by 0.8 per cent in the first three months of this year, which was marginally higher than the 0.7 per cent in Q4 2012.

Developers launched 5,546 uncompleted private residential units (excluding Executive Condominiums, or ECs) for sale in Q1 2013, compared to 3,408 units in Q4 2012.

URA said developers sold 5,412 private residential units in Q1 2013, compared to 4,353 units in Q4 2012.

No new EC units were launched for sale in the first three months of this year.

Developers sold 725 EC units in Q1 2013, which is less than half the 1,682 units sold in Q4 2012.

The volume of resale transactions dropped sharply from 3,447 units in Q4 2012 to 1,871 units in Q1 2013.

Resale transactions fell to 24.5 per cent from 40.8 per cent in the previous quarter.

Some 100,560 private residential and EC units are in the pipeline as at end Q1 2013, said URA.

The figure comprises 88,623 uncompleted private residential units, of which 35,564 units remain unsold, as well as 11,938 EC units.

URA said another 9,920 units from Government Land Sales sites will soon be added to the pipeline supply.

This will bump up the overall pipeline supply to 110,481 private housing and EC units.

URA added that 18,400 units will be completed this year based on the expected completion dates indicated by developers.

Source : Channel NewsAsia – 26 Apr 2013

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Singapore Q1 private-home prices rise 0.6% on quarter; tad faster than estimated

Posted on 27 Apr 2013 | Comments Off

Prices of private homes in Singapore rose slightly faster than initially estimated in the first quarter compared with the previous three months, government data showed Friday, but price growth remained markedly slower than in the fourth quarter after tough government curbs sapped demand.

The private residential property price index rose 0.6% in the January-to-March period from the previous three months to a new high of 213.2 points, Singapore’s Urban Redevelopment Authority said in a statement. The index had jumped 1.8% on quarter in the October-to-December quarter.

The URA had estimated first-quarter price growth at 0.5% earlier this month.

Regulators imposed new measures in January, trying to contain prices that have been on the rise since the global financial crisis, despite repeated government interventions.

In the first quarter, prices of non-landed private residences in the core central region rose faster than estimated earlier, up 0.6% on quarter compared to the preliminary print of a 0.4% increase. Prices in this region had risen 0.7% in the October-to-December period.

Prices rose 0.2% in the rest of the central region, the URA said, revising its earlier no-change estimate. Prices in this region had risen 0.9% in the fourth quarter.

But prices outside the central region rose slower than previously thought in the January-to-March period, up 1.4% on quarter compared to the 1.7% rise estimated earlier.

In the fourth quarter, prices in this region had risen 3.8%.

Housing costs have risen almost nonstop–generating much public discontent–since Singapore’s economy recovered from the global financial crisis. Private-home prices have surged nearly 60% after the market’s most recent cyclical trough in the second quarter of 2009.

The January measures, the seventh set of curbs introduced since September 2009, included higher stamp duties, increased down-payment requirements and new borrowing caps on certain buyers. They mainly target foreign investors and local residents who already own homes.

These steps dragged monthly private-home sales to the lowest level in over a year in February, as residential developers cautiously held back launches.

Source : TheEdge – 26 Apr 2013