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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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Tagged Private residential property rentals, Singapore Private Residential Property, Singapore Property, Singapore Property Market, Singapore Property Prices

Mixed development projects may not command premium over residential developments

Posted on 27 Apr 2013 | Comments Off

Several mixed development projects are expected to be launched for sale in the coming months.

Some analysts say home buyers and investors should assess their options carefully as mixed development projects may not necessarily command a premium over pure residential developments.

Hillion Residences at Bukit Panjang is one of the mixed development projects in the market.

Over three quarters of the 250 residential units launched have been snapped up last month. There are a total of 546 residential units at Hillion Residences.

Analysts expect demand for homes that are integrated with a retail mall to remain strong.

They say home prices at mixed development projects are usually comparable to condominiums in the vicinity.

Those located near or integrated with the train station or bus interchange could cost slightly more at around S$1,500 per square foot on average.

There are some factors to consider before booking those units.

Chia Siew Chuin, director of research and advisory at Colliers International, said: “If the retail component is sold on a strata-titled basis then therefore it would probably mean that there would be less control in terms of marketing strategy and selection of tenants and these may have a bearing on the tenant mix and the image of the entire development.

“If the retail component is actually owned and held by the developer for investment purposes, then I would say the tenant mix marketing strategy and overall management advertising of the mall will be better managed.”

Analysts say homes in mixed developments do not necessarily command a premium over other units in nearby residential projects.

Nicholas Mak, executive director at SLP International Property Consultants, said: “Typical range of rental yields for apartments in a mixed development would range from 2 to 3 per cent, in fact because of the rising prices, prices have been rising faster than the rental rates, so the rental yields are typically about 2.5, but the rental yield is facing compression down to 2 and some could go down to as low as 1.8%.”

Analysts say home buyers should also note mixed development projects typically do not come with the full facilities of pure residential projects. They may not have facilities like tennis courts, playgrounds or lush greenery. That could have potential impact on rentals and value of homes.

Source : Channel NewsAsia – 26 Apr 2013