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Small apartment sub-index slips 1.2% in April

Posted on 29 May 2012 | Comments Off

Prices of small apartments measuring up to 506 sq ft dipped slightly by 1.2 percent in April, according to the NUS Singapore Residential Price Index (SRPI).

This is in sharp contrast to March, when the SRPI sub-index for small apartments saw a notable 2.7 percent rise across all categories.

However, April’s overall SRPI inched up 0.8 percent from the previous month.

Khaw Boon Wan, Minister for National Development, recently stated that shoebox units were a concern. “We will continue to monitor these developments closely and will not hesitate to take action, if necessary.”

About 2,500 completed shoebox apartments were recorded as of Q1 2012, accounting for 1.2 percent of the 210,000 non-landed units in the private housing supply.

Meanwhile, the SRPI sub-index for the central region inched up 1.6 percent, excluding small units, while the sub-index for the non-central region (NCR), apart from small units, remained unchanged.

The marginal price growth for non-landed homes in the central region did not come as a surprise to Ong Kah Seng, Director at R’ST Research, who said that the segment was “considerably affected in the aftermath of the additional buyer’s stamp duty”.

Ong Teck Hui, Executive Director at Credo Real Estate, noted that the rise in higher value transactions led to a 1.6 percent uptick in the SRPI for the central region in April.

“An analysis of caveats for non-landed properties lodged in April for prime districts 9, 10 and 11 shows a median price of S$1,580 psf and 36 transactions of S$2,000 psf or higher. For March, the median price was S$1,500 psf and only 20 transactions of S$2,000 psf or higher was recorded,” he added.

Source : PropertyGuru – 2012 May 29

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Posted in Property Market / Real Estate

Tagged shoebox apartment, Shoebox Units, Singapore Property, Singapore Property Market, Singapore Residential Price Index, SRPI

Prices of private resale homes edge up in April

Posted on 29 May 2012 | Comments Off

Prices of private resale homes continue to rise for the second straight month in April.

According to the Singapore Residential Price Index (SRPI) flash estimate published by the Institute of Real Estate Studies at the National University of Singapore, resale home prices climbed 0.8 per cent last month, after rising 0.4 per cent in March.

Prices of resale units in the central area were up 1.6 per cent in April, compared to just 0.1 per cent increase in March.

Meanwhile, resale home prices in the non-central region remain unchanged.

Property analysts said the uptick in prices could be a result of higher transaction volume in the secondary market in March and April.

Donald Han, special advisor at HSR, said: “The secondary market volume is picking up, especially after the run-up in new home sales in the first quarter. Primary market prices have gone up and some buyers may think that they can get better value in the secondary market.”

However, resale prices of small apartments dipped 1.2 per cent, after increasing 2.7 per cent in March.

Some analysts attribute the dip to a larger supply of small units in the market as well as a closer monitoring of the shoebox apartment segment by the government.

Jones Lang LaSalle’s research head (Southeast Asia), Chua Yang Liang, said: “We expect the resale prices of shoebox units to stabilise in the later part of the year, leasing demand is quite positive because total quantum is still low.”

Overall, analysts said the performance of the secondary market this year will also depend on the health of the global economy, especially with the lingering debt issues in the eurozone.

Source : CNA – 2012 May 29