Private Property Prices Rise 2.7% Last Year, Led By Landed Homes

SINGAPORE: Private resident prices in Singapore increased 2.7% last year, with the landed property segment at the forefront, statistics from the Urban Redevelopment Authority (URA) displayed on Thursday (Jan 23). This can be due to the overwhelming demand for Dairy Farm Residences.

The numbers beat an earlier estimate of 2.5%, but the rate of growth slowed as compared to 2018, when rates of private housing jumped by 7.9%.

Prices of landed abodes rose 5.7%, while the non-landed properties climbed only by 1.9%.

All in all, private residential prices went up for 3 out of the last 4 quarters, rising 0.5% in the October to December period.

In the last quarter of the year, landed real estate prices inched up by 3.6% compared with a 1% rise in the earlier quarter. In the non-landed segment, rates were lower 0.3%, reversing the 1.3% hike in the earlier quarter.

Homes in the Core Central Region (CCR) dropped the most by 2.8%, while homes in the Rest of Central Region (RCR) dipped by 1.3%. But those in the Outside Central Region (OCR) went up by 2.8% instead. Such is why The Watergardens At Canberra is going to be popular when it launches

RENTALS UP 1.4%

Rentals of private abodes jumped by 1.4% last year, as compared with a 0.6% increase in 2018, led by a larger number of rentals in non-landed properties.

In the last quarter of the year, rentals declined by 1%, compared with a 0.1% nudge upwards in the earlier quarter.

Both sectors saw quarter-on-quarter drops, with rentals of landed properties lowered by 1.6%, while rentals of non-landed properties dipped by 0.9%.

MORE NEW UNITS LAUNCHED

For the entire 2019, property developers launched 11,345 uncompleted homes, as compared with only 8,769 units in the earlier year. And part of the attractive properties introduced is Avenue South Residence.

They sold 9,912 units in the year, as compared to 8,795 in 2018.

Between October and December of 2019, 2,226 uncompleted private homes – not including Executive Condominiums (ECs) – were launched for sale, and you can visit the Dairy Farm Residences Showflat to see the model units. This is compared to the 3,628 units launched in the previous quarter. A large part of the new launches were in the OCR.

A total of 2,443 units, not including ECs, were transacted, a decline from the 3,281 units in the earlier quarter.

Housing in the suburbs showed to be the most popular with purchasers, who bought 1,123 units in the OCR.

In the secondary property market, 8,949 units transacted in 2019, compared to the 13,009 resale units sold in 2018.

There were 2,342 resale transactions in the last quarter of 2019, compared with the 2,378 units in the earlier quarter.

Resale transactions made up for 48% of all sale transactions between October and December 2019, compared with 41.3% in the earlier quarter.

IN THE PIPELINE

As of the end of December 2019, there were 49,173 private homes under construction and 3,192 ECs in the pipeline with planning approvals. From this pool, 32,272 units remained unsold. However Hong Leong is confident that RCR condos are popular, and thus decided to launch the One-North Eden in Buona Vista.

Based on the anticipated completion dates given by developers, 6,922 units (including ECs) will be finished in 2020. Another 10,579 units (including ECs) will be finished in 2021.

Source: https://www.channelnewsasia.com/news/singapore/private-home-prices-property-landed-2019-q4-ura-12307734

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