New Reporter
02-01-24, 08:39
Private home prices up 2.7% in Q4, taking full-year rise to 6.7%: URA flash data
Jan 02, 2024
PRIVATE residential property prices in Singapore rose 2.7 per cent for the fourth quarter of 2023, pulled up by sales at new launches priced at fresh benchmarks in a slow market.
The Q4 spurt lifted the price index from a 0.8 per cent increase in Q3, to end the year with a 6.7 per cent gain, easing from the 8.6 per cent increase in 2022.
Prices rose the most among landed properties as well as in prime Core Central Region (CCR) and suburban Outside Central Region (OCR) non-landed units in the last quarter of the year, flash estimates from the Urban Redevelopment Authority (URA) showed on Tuesday (Jan 2).
Landed property prices rose 4.5 per cent in Q4, reversing a 3.6 per cent decline in the previous quarter. For the whole of 2023, landed home prices were up 7.8 per cent.
Non-landed properties in the OCR saw the fastest growth among sectors in the fourth quarter, up 4.6 per cent, following a 5.5 per cent increase in Q3.
Prices of non-landed private homes in the prime CCR rose 4.2 per cent in Q4, a turnaround from the previous quarter’s decline of 2.7 per cent. Meanwhile, prices in the Rest of Central Region (RCR), or city fringe, fell 1.2 per cent in Q4, after a 2.1 per cent increase in the previous quarter.
Two launches in particular chalked up unexpectedly strong sales when they were brought to market in the fourth quarter. CapitaLand’s J’Den in Jurong East sold 323 units at launch at an average price of S$2,451 per square foot (psf), while UOL and SingLand’s Watten House in Bukit Timah moved 102 units at an average price of S$3,230 psf.
Overall, prices of non-landed properties increased 2.2 per cent in Q4, maintaining the growth rate in the previous quarter. The increase was mainly driven by sales transactions at selected newly-launched projects, said URA.
For the entire 2023, prices of non-landed properties in the CCR, RCR and OCR increased by 2.1 per cent, 2.7 per cent, and 13.8 per cent, respectively.
URA figures released on Tuesday also showed that the total sale transaction volume of private homes up to mid-December was 27 per cent lower than in Q3, falling to 3,800 units in Q4.
This brought the full year figure to 18,510 units, down 15 per cent from the 21,890 units sold in 2022. It is also the lowest annual sale transaction volume since 2016, said URA. The figure comprises new sales, resales and subsales, and excludes executive condo units.
https://www.businesstimes.com.sg/property/private-home-prices-27-q4-taking-full-year-rise-67-ura-flash-data
Jan 02, 2024
PRIVATE residential property prices in Singapore rose 2.7 per cent for the fourth quarter of 2023, pulled up by sales at new launches priced at fresh benchmarks in a slow market.
The Q4 spurt lifted the price index from a 0.8 per cent increase in Q3, to end the year with a 6.7 per cent gain, easing from the 8.6 per cent increase in 2022.
Prices rose the most among landed properties as well as in prime Core Central Region (CCR) and suburban Outside Central Region (OCR) non-landed units in the last quarter of the year, flash estimates from the Urban Redevelopment Authority (URA) showed on Tuesday (Jan 2).
Landed property prices rose 4.5 per cent in Q4, reversing a 3.6 per cent decline in the previous quarter. For the whole of 2023, landed home prices were up 7.8 per cent.
Non-landed properties in the OCR saw the fastest growth among sectors in the fourth quarter, up 4.6 per cent, following a 5.5 per cent increase in Q3.
Prices of non-landed private homes in the prime CCR rose 4.2 per cent in Q4, a turnaround from the previous quarter’s decline of 2.7 per cent. Meanwhile, prices in the Rest of Central Region (RCR), or city fringe, fell 1.2 per cent in Q4, after a 2.1 per cent increase in the previous quarter.
Two launches in particular chalked up unexpectedly strong sales when they were brought to market in the fourth quarter. CapitaLand’s J’Den in Jurong East sold 323 units at launch at an average price of S$2,451 per square foot (psf), while UOL and SingLand’s Watten House in Bukit Timah moved 102 units at an average price of S$3,230 psf.
Overall, prices of non-landed properties increased 2.2 per cent in Q4, maintaining the growth rate in the previous quarter. The increase was mainly driven by sales transactions at selected newly-launched projects, said URA.
For the entire 2023, prices of non-landed properties in the CCR, RCR and OCR increased by 2.1 per cent, 2.7 per cent, and 13.8 per cent, respectively.
URA figures released on Tuesday also showed that the total sale transaction volume of private homes up to mid-December was 27 per cent lower than in Q3, falling to 3,800 units in Q4.
This brought the full year figure to 18,510 units, down 15 per cent from the 21,890 units sold in 2022. It is also the lowest annual sale transaction volume since 2016, said URA. The figure comprises new sales, resales and subsales, and excludes executive condo units.
https://www.businesstimes.com.sg/property/private-home-prices-27-q4-taking-full-year-rise-67-ura-flash-data