Singapore Property | Private residential properties prices reduced by 0.4 % in the second quarter in comparison to the first quarter, which saw a 0.7 % price reduction, according to Urban Redevelopment Authority flash estimates. This is the 11th running quarter of price reductions, the longest losing duration on record.
The Rest of Central Region (RCR) and Core Central Region (CCR) had price increases in non-landed private homes of 0.3% and 0.2% respectively while there was a price decrease of 0.7% on the Outside Central Region (OCR). Landed properties prices reduced by 1.3 % in comparison to 1.1 % decrease observed in the preceding quarter.
According to Desmond Sim, CBRE research head, there are mixed price indicators across regions but signs are clear that the market is headed to a trough.
He also added that the 0.2 % CCR increase in price could indicate “flight to value”. The CCR has seen price index increases in 2 quarters supported by the new Cairnhill Nine project in quarter one in addition to completed projects sold in higher prices range, despite CCR covering a wide area.
Sim expects the price increase to continue and eventually to sustain the next quarter’s general price index to stay close to around 0 %.
He added that the success of newly launched projects such as Gem Residences and Sturdee Residences in addition to completed projects that are in the resale market has assisted in boosting the price levels in RCR.
The flash estimates by Urban Redevelopment Authority were compiled from the transaction prices provided in contracts that were submitted for the payment of stamp duty as well as data on new units that developers sold until mid June.
The full statistics are released from the URA 4 weeks later.
Read on some recent launches including: Clement Canopy at Clementi Avenue 1, Parc Riviera at West Coast, Lake Grande at Jurong Lake, Forest Woods Condo by CDL / Hong Leong / TID and Stars of Kovan in District 19.