About Private Residential Unit Prices Decreased to 0.7 percent q-o-q in 1Q2022 | The data released by the URA on 22nd April 2022 suggested that there is a decrease in the sales of the private residential property prices to 0.7 percent q-o-q in 1Q2022. Christine Sun who is the senior vice-president of research & analytics at Orange Tee & Tie said that the slower pace of growth evident in the private residential property prices in Singapore comes on the back of property cooling measures publicized in December 2021.
In the same vein, non-landed residential property prices also reduced by 0.3 percent in q-o-q in 1Q2022; this decline was underpinned by prices in the respective region such as Rest of Central Region (RCR) and Core Central Region (CCR) which also dropped by 2.7% and 0.1% consecutively.
On the other hand, the head of research & consultancy at ERA Realty Nicholas Mak points out that non-landed property prices found outside Central Region (OCR) rose to 2.2% q-o-q in 1Q2022. Despite the price increment in 1Q2022, the head of research at Knight Frank Singapore, Leonard Tay remarked that the price increment was led by the contribution of a landed market that happens to be impervious to the cooling measures.
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Additionally, Lee Sze Teck who is a senior director (research) at Huttons Asia commented that the landed prices were boosted by a strong demand plus the low levels of unsold stocks. Therefore, in total, 5,343 private homes in Singapore apart from the Executive Condominium (EC) were sold in the first quarter. The sales of these homes witnessed a drop to 32.6 percent q-o-q from the transacted 7,925 units in 4Q2021.
Sun said this was the first time when the sale transactions dropped below 6,000 units ever since 2Q2020. And so, consultants anticipate the market to pick and more launches to be established. On 7th April, the 616-unit North Gaia EC project opened for review and other upcoming projects including Atlassia, LIV @ MB, and Piccadilly Grand.