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New private home sales fall 19.4% in June

Posted on 16 Jul 2012 | Comments Off

The number of new private homes sold in June continued to fall for the second consecutive month, according to the latest data released by the Urban Redevelopment Authority (URA).

Developers sold 1,371 private homes (excluding executive condominiums) in June, down 19.4 per cent from May when 1,702 units were sold.

May’s private home sales figures had dropped 32 per cent compared to April and, for the first time, bucked the strong sales growth momentum recorded in the first four months of the year.

In June, 1,111 new private homes in the suburban areas, or Outside Central Region (OCR), were sold, 8 per cent lower than in May.

The biggest dip in the number of sales came from the city fringes, or Rest of Central Region (RCR). 119 new private homes in the city fringes were sold — a 67.2 per cent decline compared to May.

But 141 new private homes in the city or Core Central Region (CCR) were sold, four per cent higher than in May.

The two top selling private condominium projects in June were River Isles located in Punggol with 263 units sold and Sea Esta in Pasir Ris with 255 units sold.

The best performing executive condominium sale was Watercolours at Pasir Ris, with 201 units changing hands in June.

Including executive condominiums, a total of 1,725 units of new homes were sold last month.

Source : CNA – 2012 Jul 16

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Posted in Property Market / Real Estate

Tagged Singapore Property Market, Singapore Real Estate, Singapore Residential Property, URA, Urban Redevelopmemt Board

ABSD to have ripple effect on housing prices

Posted on 9 Jul 2012 | Comments Off

The additional buyer’s stamp duty (ABSD) imposed on foreigners purchasing private homes in Singapore has had a ‘ripple effect’ on prices and will eventually cool the market, said a property expert.

Dr. Liao Wen-Chi of the National University of Singapore’s Department of Real Estate said that while foreigners commonly acquire properties in the central region, a decline in purchases due to the ABSD is expected to bring prices down in suburban areas as well.

Analysis done on the property market from 2004 to 2007 showed a ripple effect whereby rising home prices in the central region caused similar upticks in other districts.

Dr. Liao noted that the opposite could be a possibility as well.

Research suggests that “with careful policy properly affecting the inflow of foreign liquidity to Singapore’s real estate market, the government is able to keep a healthy growth of the market and ensure affordable housing”, he said during a real estate conference held at Marina Bay Sands, organised by the American Real Estate and Urban Economics Association and Asian Real Estate Society.

Meanwhile, Minister of State for National Development and Trade and Industry, Lee Yi Shyan, said that the government has sought to create a “sustainable, stable and transparent real estate market”.

He added that aside from taking a multi-stakeholder approach, the participation of academia, researchers and real estate professionals will help in the creation and implementation of better policies.

Source : PropertyGuru – 2012 Jul 9