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HDB resale price up 1.3% in Q2 2012

Posted on 2 Jul 2012 | Comments Off

HDB’s flash estimates showed that resale prices rose by 1.3 per cent in the second quarter of this year, reversing a trend of slow price growth in the previous two quarters.

HDB resale prices have been softening since the second half of last year. Prices grew 3.8 per cent in the third quarter of 2011. This growth moderated further to 1.7% in the last quarter of last year, and fell to 0.6 per cent in the first quarter of 2012 – the smallest increase since Q3 2006.

HDB will release the resale price index for the full (Q2) quarter later this month on July 27.

The board said it is committed to offer 25,000 new flats under its Build-To-Order (BTO) scheme in 2012.

But analysts said this is not affecting resale flat prices because most of the BTOs are still being built.

Senior Vice President of local property firm PropNex, Lim Yong Hock, said: “There’s still a wait so the impact won’t come in so soon. The impact will probably come in about one to two years’ time, when most of the BTOs are ready, and there’ll be more resale units in the market. Currently there’s still a shortfall of supply in the resale market.”

In the first half of this year, HDB had offered 12,703 flats under BTO exercises, and 3,825 flats under a Sale of Balance Flats exercise.

For July 2012, HDB will be offering about 5,200 new flats for sale – in Bedok, Bukit Merah, Choa Chu Kang, Clementi, Geylang, and Punggol.

In the private property market, prices rose by 0.4 per cent in the second quarter of 2012.

This rebound comes after a short-lived fall in prices of 0.1 per cent in the last quarter.

Mr Lim said the rebound is partly because of several record-breaking projects that were recently launched.

He said: “The developers, looking at the situation, they’re not really adjusting the price downwards, taking advantage of the low interest rate as well as the good economy. Another reason is because land prices are also not coming down, the bids for land are on an average S$500 per square foot.

“In the long run we may not see a substantial drop in price, and developers can have the holding power to hold on (to high prices).”

Source : CNA – 2012 Jul 2

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Posted in HDB

Tagged HDB, Housing Development Board, Singapore Property Market, Singapore Real Estate, Singapore Residential Property

Q2 private-home prices reverse short-lived fall

Posted on 2 Jul 2012 | Comments Off

Prices of private homes in Singapore swung higher in the second quarter from the previous three months, government data showed on Monday, reversing a short-lived decline in the last quarter.

Preliminary data released by the Urban Redevelopment Authority (URA) showed private-residential prices rising 0.4% in the April-June quarter from the previous quarter. Home prices had eased 0.1% in the first quarter in the first decline since the second quarter of 2009.

URA said prices of non-landed private residential properties increased by 0.6 per cent in the core central region in Q2 this year, compared to a decrease of 0.6 per cent in the previous quarter.

There was no change in the prices for private homes in the rest of central region.

Prices of private homes outside the central region increased at a slower pace of 0.4 per cent in Q2, compared to an increase of 1.1 per cent in the previous quarter.

The flash estimates are based on figures from the first ten weeks of the quarter. Full results will be released in a month’s time.

Meanwhile HDB’s flash estimates showed that resale prices rose by 1.3 per cent in the second quarter of this year, reversing a trend of slow price growth in the previous two quarters.

HDB resale prices have been softening since the second half of last year. Prices grew 3.8 per cent in the third quarter of 2011. This growth moderated further to 1.7 per cent in the last quarter of last year and 0.6 per cent in the first quarter of 2012.

HDB will release the resale price index for the full Q2 later this month.

The board said it is committed to offer 25,000 new flats under its Build-To-Order (BTO) scheme in 2012.

But analysts said this is not affecting resale flat prices because most of the BTOs are still being built.

Senior vice-president of local property firm PropNex, Lim Yong Hock, said: “There’s still a wait, so the impact won’t come in so soon. The impact will probably come in in about one to two years’ time, when most of the BTOs are ready, and there’ll be more resale units in the market. Currently there’s still a shortfall of supply in the resale market.”

In the first half of this year, HDB had offered 12,703 flats under BTO exercises, and 3,825 flats under a Sale of Balance Flats exercise.

For July 2012, HDB will be offering about 5,200 new flats for sale – in Bedok, Bukit Merah, Choa Chu Kang, Clementi, Geylang and Punggol.

Source : CNA – 2012 Jul 2