Singapore Property | A recent URA flash estimate has revealed an increase in the prices of private homes in Singapore. The price rose by 0.8% q-o-q in the third quarter of 2020. The price is now 2.7% above the peak recorded in the third quarter of 2018 and 0.5% below its record peak which was in the third quarter of 2013. The result of this was caused by landed homes which sold its unit at an increase of 3.8% q-o-q.
More on Private Homes Increase By 0.8% in 3Q
Certain areas were also affected by these prices. The result shows that there was an increase in property within non-landed areas like the Outside Central Region (OCR), and the Rest of Central Region (RCR). The Core Central Region (CCR) was the only area that experienced a decrease in prices, by showing a decline of 49% q-o-q. Other non-landed segments like homes in the Rest of Central Region (RCR) revealed an increase of 3.3% while the Outside Central Region (OCR) increased by 1.7% q-o-q.
A property revealed that the fall in the Core Central Region price index could be as a result of discounts offered during launches. The report shows that Leedon Green had 15 unit sold in 3Q2020 at an average price of $2,546 psf as compared to its 35 unit sold at $2,782 psf when it was unveiled in January 2020. The Avenir sold 22 units in 3Q 2020 for $3,075 psf, compared to 18 units sold for $3,245 psf in 3Q2020. While 8 Saints Thomas and Fourth Avenue Residences both sold 19 and 57 units for $2,793 and $2,238 psf compared to the price of $3200 and its 2019 average launch price of $2,450 respectively.
Other developments like Forett At Bukit Timah, Woodleigh Residences, Stirling Residences, Florence Residences, Daintree Residences, JadeScape, Treasure at Tampines and Parc Esta all saw an increase in prices in the 3Q of 2020.