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Private Residential Property Price Index

Posted on 2 Jul 2012 | Comments Off

MARGINAL INCREASE IN OVERALL INDEX; MODERATION IN PRICE INCREASE IN PRIVATE RESIDENTIAL PROPERTIES OUTSIDE CENTRAL REGION

The URA released today the flash estimate of the price index for private residential property for 2nd Quarter 2012.

The overall private residential property index rose from 206.0 points in 1st Quarter 2012 to 206.8 points in 2nd Quarter 2012. This represents an increase of 0.4%, compared to the 0.1% decrease in the previous quarter (see Annex A). The pace of change in prices varied across the different market segments.

Prices of non-landed private residential properties increased by 0.6% in Core Central Region in 2nd Quarter 2012, compared to a decrease of 0.6% in the previous quarter. There was no change in the prices in Rest of Central Region (see Annex B). Prices in Outside Central Region increased at a slower pace of 0.4% in 2nd Quarter 2012, compared to an increase of 1.1% in the previous quarter.

The flash estimates are compiled based on transaction prices given in caveats lodged during the first ten weeks of the quarter supplemented by information on the number of new units sold by developers. The statistics will be updated 4 weeks later when URA releases the full 2nd Quarter 2012 real estate statistics, when more data on the caveats lodged and the take-up of new projects are captured. 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 – 2012 Jul 2

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Suburban condo prices resilient

Posted on 1 Jul 2012 | Comments Off

The latest Singapore Residential Price Index (SRPI) from the National University of Singapore (NUS) revealed that prices of completed apartments larger than 506 sq ft in the Non-Central Region (NCR) or suburban areas were the most resilient from the start of the year to May.

Small units islandwide were the second more resilient segment while large apartments in the Central Region fared the worst during the period.

Overall, the SRPI for May was 1.5 percent higher than in the previous month, double the 0.7 percent month-on-month hike seen in April.

The SRPI, which tracks prices of completed condos and apartments, also showed that the sub-index for the Non-Central Region (NCR), except for small units, grew by 1.9 percent from December 2011 to May this year.

On the other hand, the sub-index for small units (up to 506 sq ft) island-wide slipped 0.1 percent over the same period.

But in the Central Region, the sub-index fell by two percent, excluding small units. The area covers districts 1 to 4, including Sentosa Cove and the financial district, as well as the traditional prime districts of 9, 10 and 11.

“The index movements pretty much reflect what we’ve been seeing in the market in the past few years,” said Ong Choon Fah, Chief Operating Officer at DTZ SE Asia.

“In suburban locations, because developers have been launching new projects at prices higher than those of existing, completed projects in the vicinity, it has an effect on prices of the completed properties as well.”

source : CNA – 2012 Jun 29