Business
By Cheryl Lin 23 Apr 2021 10:16AM (Updated: 23 Apr 2021 10:20AM )
SINGAPORE: Private home prices in Singapore rose 3.3 per cent in the first quarter of the year, topping flash estimates released earlier in the month.
The private residential property price index increased to 162.2 points in the first quarter of 2021, up from 157 points in the last quarter of 2020, according to real estate statistics released by the Urban Redevelopment Authority (URA) on Friday (Apr 23).
The figure marks the fourth straight quarter of price increases, and extends the 2.1 per cent rise in the quarter before.
It is also the sharpest quarterly increase since the second quarter of 2018, when prices rose by 3.4 per cent, triggering a round of cooling measures after.
LANDED PROPERTY BOOST
The higher home prices were boosted by the landed property segment - prices for such homes rose 6.7 per cent in the first quarter, reversing a 1.6 per cent decline in the previous quarter.
In the non-landed property segment, prices rose 2.5 per cent, down slightly from a 3 per cent rise in the quarter before, said URA.
Specifically, in the Core Central Region, prices rose 0.5 per cent, slowing from a 3.2 per cent increase in the quarter before.
In the Rest of Central Region, prices rose 6.1 per cent, extending the previous quarter's increase of 4.4 per cent.
Prices in the Outside Central Region rose by 1.1 per cent, slowing from a 1.8 per cent increase the previous quarter.
RENTALS
Rental saw stronger growth in the first quarter of the year, rising by 2.2 per cent, beating the previous quarter’s increase of 0.1 per cent.
It marks a stronger turnaround following decreases seen in the second and third quarters of last year.
LAUNCHES AND TAKE-UP
Developers launched 3,716 private homes (excluding executive condominiums) for sale in the first quarter, compared with 3,147 units in the previous quarter.
They sold 3,493 such units in the period, up 34.2 per cent from the 2,603 units sold in the last quarter of 2020.
In addition, they launched 700 executive condominium units, and sold 647 such units. This is a spike from the 133 units sold in the previous quarter, where no EC units were launched.
RESALE MARKET
In the resale market, 4,519 units changed hands in the first three months of the year, compared with 4,249 units in the preceding quarter.
Such transactions accounted for 55.8 per cent of all sales in the first quarter, down from a 61.3 per cent share in the previous quarter.
SUPPLY IN THE PIPELINE
As of the end of the first quarter, there were 21,602 unsold and uncompleted private residential homes in the pipeline – compared with 24,296 units in the quarter before.
Including executive condominiums, the number goes up to 23,735 units, lower than the 26,426 in the previous quarter.
Analysts had earlier flagged that the dwindling supply of units could be pushing up prices.
Based on the expected completion dates reported by developers, 4,942 units (including executive condominiums) are slated to be completed in the remaining three quarters of the year.
URA added that there is also a potential supply of around 3,840 units (including executive condominiums) from Government Land Sales (GLS) sites that have not received planning approval yet.
“The supply of private housing in the pipeline, including from GLS sites, will sufficiently cater to the housing needs of the population when completed over the next few years.
“The Government will continue to monitor economic and property market conditions closely and adjust the supply of future GLS Programmes, where necessary, to ensure it remains adequate in meeting demand,” URA said.
Source: CNA/cl
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Private home prices beat flash estimates to rise 3.3% in Q1, boosted by landed properties
A view of residential housing in Singapore. (File photo: AFP)By Cheryl Lin 23 Apr 2021 10:16AM (Updated: 23 Apr 2021 10:20AM )
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SINGAPORE: Private home prices in Singapore rose 3.3 per cent in the first quarter of the year, topping flash estimates released earlier in the month.
The private residential property price index increased to 162.2 points in the first quarter of 2021, up from 157 points in the last quarter of 2020, according to real estate statistics released by the Urban Redevelopment Authority (URA) on Friday (Apr 23).
The figure marks the fourth straight quarter of price increases, and extends the 2.1 per cent rise in the quarter before.
It is also the sharpest quarterly increase since the second quarter of 2018, when prices rose by 3.4 per cent, triggering a round of cooling measures after.
READ: Private home prices rise 2.2% last year despite COVID-19 pandemic
LANDED PROPERTY BOOST
The higher home prices were boosted by the landed property segment - prices for such homes rose 6.7 per cent in the first quarter, reversing a 1.6 per cent decline in the previous quarter.
In the non-landed property segment, prices rose 2.5 per cent, down slightly from a 3 per cent rise in the quarter before, said URA.
Specifically, in the Core Central Region, prices rose 0.5 per cent, slowing from a 3.2 per cent increase in the quarter before.
In the Rest of Central Region, prices rose 6.1 per cent, extending the previous quarter's increase of 4.4 per cent.
Prices in the Outside Central Region rose by 1.1 per cent, slowing from a 1.8 per cent increase the previous quarter.
RENTALS
Rental saw stronger growth in the first quarter of the year, rising by 2.2 per cent, beating the previous quarter’s increase of 0.1 per cent.
It marks a stronger turnaround following decreases seen in the second and third quarters of last year.
LAUNCHES AND TAKE-UP
Developers launched 3,716 private homes (excluding executive condominiums) for sale in the first quarter, compared with 3,147 units in the previous quarter.
They sold 3,493 such units in the period, up 34.2 per cent from the 2,603 units sold in the last quarter of 2020.
In addition, they launched 700 executive condominium units, and sold 647 such units. This is a spike from the 133 units sold in the previous quarter, where no EC units were launched.
READ: Singapore's new private home sales double in March amid demand for luxury properties
RESALE MARKET
In the resale market, 4,519 units changed hands in the first three months of the year, compared with 4,249 units in the preceding quarter.
Such transactions accounted for 55.8 per cent of all sales in the first quarter, down from a 61.3 per cent share in the previous quarter.
SUPPLY IN THE PIPELINE
As of the end of the first quarter, there were 21,602 unsold and uncompleted private residential homes in the pipeline – compared with 24,296 units in the quarter before.
Including executive condominiums, the number goes up to 23,735 units, lower than the 26,426 in the previous quarter.
Analysts had earlier flagged that the dwindling supply of units could be pushing up prices.
READ: Analysts expect private home prices to rise further on tight supply and strong demand
Based on the expected completion dates reported by developers, 4,942 units (including executive condominiums) are slated to be completed in the remaining three quarters of the year.
URA added that there is also a potential supply of around 3,840 units (including executive condominiums) from Government Land Sales (GLS) sites that have not received planning approval yet.
“The supply of private housing in the pipeline, including from GLS sites, will sufficiently cater to the housing needs of the population when completed over the next few years.
“The Government will continue to monitor economic and property market conditions closely and adjust the supply of future GLS Programmes, where necessary, to ensure it remains adequate in meeting demand,” URA said.
Source: CNA/cl
Continue reading...