SINGAPORE: Prices of private homes increased by 3.3 per cent in the first quarter of 2023, accelerating from a 0.4 per cent increase in the previous quarter, according to the Urban Redevelopment Authority's statistics released on Friday (Apr 28).
The increase was higher for landed properties at 5.9 per cent, compared with 0.6 per cent last quarter. Prices of non-landed properties increased by 2.6 per cent, also higher than the previous quarter (0.3 per cent).
For condominiums, the increase was driven by strong sales in the Rest of Central Region (RCR), which increased by 4.4 per cent.
Suburban or Outside Central Region (OCR) condo prices increased by 1.9 per cent, reversing a 2.6 per cent decline in the previous quarter. Prices in the Core Central Region (CCR) edged up by 0.8 per cent.
Rentals increased by 7.2 per cent in the quarter, a slight drop from the 7.4 per cent increase in the previous quarter.
Excluding executive condominiums (EC), developers launched 1,312 uncompleted condos for sale in the first quarter, more than double the 504 units in the previous quarter. Sales also went up, with 1,256 units sold, up from 690 units before.
No EC units were launched, but developers sold 206 units in the quarter from earlier launches. In the previous quarter, 1,257 EC units were launched for sale and 1,127 sold.
There were 2,622 resale transactions. Resale transactions accounted for 63.6 per cent of all sales in the first quarter. There were 243 sub-sales, in which the buyer sells on the property to another buyer before the condo's completion.
A total of 3,785 private residential units were completed in the first quarter of 2023, fewer than the 4,423 units completed in the preceding quarter.
But this was around 60 per cent more than the average of around 2,400 units completed per quarter in 2022. Projects completed in the quarter include Avenue South Residence, Piermont Grand, Kent Ridge Hill Residences and Riviere.
With the large supply completion, the vacancy rate for private homes rose to a five-quarter high of 6 per cent, from 5.5 per cent in the previous quarter.
For the whole of 2023, a total of around 19,000 units are expected to be completed, the highest annual supply completion since 2017, said URA.
Based on the expected completion dates reported by developers, 15,221 units (including ECs) will be completed in the remaining three quarters of 2023. Another 21,421 units are expected to be completed in 2024 and 2025.
The government has further ramped up the supply of private housing on the Confirmed List for the GLS Programme to 4,090 units in the 1st half of 2023 from 3,505 units in the 2nd half of 2022, to cater to demand.
"The ramp up in housing supply complements the increases in Additional Buyer’s Stamp Duty (ABSD) rates (on Thursday) which were implemented to preemptively manage local and foreign investment housing demand and prioritise housing for locals buying for owner-occupation," URA said.
The increase in the rentals of non-landed properties moderated to 6.2 per cent, from the 7.5 per cent increase in the previous quarter.
However, rentals for landed properties jumped by 14.5 per cent, much higher than the 6.3 per cent increase in the previous quarter.
Rentals of non-landed properties in CCR saw an increase of 6.4 per cent. The increase in the RCR was 6.2 per cent; and in the OCR, it was 6.1 per cent, all lower than the previous quarter.
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The increase was higher for landed properties at 5.9 per cent, compared with 0.6 per cent last quarter. Prices of non-landed properties increased by 2.6 per cent, also higher than the previous quarter (0.3 per cent).
For condominiums, the increase was driven by strong sales in the Rest of Central Region (RCR), which increased by 4.4 per cent.
Suburban or Outside Central Region (OCR) condo prices increased by 1.9 per cent, reversing a 2.6 per cent decline in the previous quarter. Prices in the Core Central Region (CCR) edged up by 0.8 per cent.
Rentals increased by 7.2 per cent in the quarter, a slight drop from the 7.4 per cent increase in the previous quarter.
Related:
Excluding executive condominiums (EC), developers launched 1,312 uncompleted condos for sale in the first quarter, more than double the 504 units in the previous quarter. Sales also went up, with 1,256 units sold, up from 690 units before.
No EC units were launched, but developers sold 206 units in the quarter from earlier launches. In the previous quarter, 1,257 EC units were launched for sale and 1,127 sold.
There were 2,622 resale transactions. Resale transactions accounted for 63.6 per cent of all sales in the first quarter. There were 243 sub-sales, in which the buyer sells on the property to another buyer before the condo's completion.
SUPPLY INCREASING
A total of 3,785 private residential units were completed in the first quarter of 2023, fewer than the 4,423 units completed in the preceding quarter.
But this was around 60 per cent more than the average of around 2,400 units completed per quarter in 2022. Projects completed in the quarter include Avenue South Residence, Piermont Grand, Kent Ridge Hill Residences and Riviere.
With the large supply completion, the vacancy rate for private homes rose to a five-quarter high of 6 per cent, from 5.5 per cent in the previous quarter.
Related:
For the whole of 2023, a total of around 19,000 units are expected to be completed, the highest annual supply completion since 2017, said URA.
Based on the expected completion dates reported by developers, 15,221 units (including ECs) will be completed in the remaining three quarters of 2023. Another 21,421 units are expected to be completed in 2024 and 2025.
The government has further ramped up the supply of private housing on the Confirmed List for the GLS Programme to 4,090 units in the 1st half of 2023 from 3,505 units in the 2nd half of 2022, to cater to demand.
"The ramp up in housing supply complements the increases in Additional Buyer’s Stamp Duty (ABSD) rates (on Thursday) which were implemented to preemptively manage local and foreign investment housing demand and prioritise housing for locals buying for owner-occupation," URA said.
RENTALS
The increase in the rentals of non-landed properties moderated to 6.2 per cent, from the 7.5 per cent increase in the previous quarter.
However, rentals for landed properties jumped by 14.5 per cent, much higher than the 6.3 per cent increase in the previous quarter.
Rentals of non-landed properties in CCR saw an increase of 6.4 per cent. The increase in the RCR was 6.2 per cent; and in the OCR, it was 6.1 per cent, all lower than the previous quarter.
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