S'pore's private housing hits peak, with Q2 prices inching up just 0.17%
http://www.channelnewsasia.com/stori...362702/1/.html
Public housing hots up while private cools
Posted: 25 July 2008 1442 hrs
SINGAPORE : Prices for public housing on the resale market have risen while those for private property have moderated for the second quarter of 2008.
According to latest official figures there has also been little upward movement in the private property rental market.
Data for the HDB resale and rental markets based on transactions in Q2 saw HDB's Resale Price Index (RPI) up 4.5 per cent compared to the 3.7 per cent increase for the previous Quarter of 2008.
Reflective of the interest in public housing was the rise in resale transactions, from about 6,360 cases in Q1 '08 to about 7,760 cases, an increase by about 22 per cent.
Meanwhile subletting transactions in HDB flats increased by about 15 per cent to about 4,120 cases in the second quarter from about 3,580 cases in the first quarter.
In contrast, the private property market was a little more subdued with home prices increasing 0.2 per cent, the third straight quarter of slower growth signalling a definite slowing of the four-year housing boom.
Non-landed properties saw a modest 0.1 per cent rise compared with 3.7 per cent in the previous quarter as prices for condominium and apartments in districts 9, 10, 11, downtown district and Sentosa fell 0.1 per cent compared to similar properties in areas outside of the region which rose between 0.7 and 0.9 per cent.
As for landed property, prices rose 0.6 per cent compared with 3.9 per cent in the previous quarter.
Indicative of the cool-down in the property market are the 43,473 new units still unsold from a total supply of 67,569 uncompleted units from private housing projects.
This number includes more than 12,000 which developers have held back from launch and another 28,282 which are pending approval.
- CNA/sf
S'pore's private housing hits peak, with Q2 prices inching up just 0.17%
http://www.straitstimes.com/Latest%2...ry_261196.html
July 25, 2008
S'pore's private housing hits peak, with Q2 prices inching up just 0.17%
Home rentals are also down by half, but HDB resale flats continue to draw more buyers.
By Fiona Chan
SINGAPORE'S private housing market appears to have peaked, with home prices inching up just 0.17 per cent in the April to June period.
This is the smallest rise in four years and well below the 3.8 per cent climb in the first quarter, according to the closely-watched data released by the Urban Redevelopment Authority (URA) on Friday.
In the prime districts, home prices actually slipped by 0.1 per cent in the second quarter, after climbing some 30 per cent last year.
Less well-located properties fared slightly better in the latest tally. Home prices in the city-fringe areas rose 0.7 per cent, while those in the suburbs went up 0.9 per cent.
The growth in private home rentals also halved, rising 2.5 per cent in April to June compared to six per cent in the previous quarter.
However, the HDB resale market continued to go from strength to strength. Prices jumped 4.5 per cent in the second quarter, from 3.7 per cent in the first quarter.
The number of resale deals also went up 22 per cent to 7,760 transactions. Outside of homes, office and shop prices went up a mere 0.7 per cent, with rental growth for offices also slowing.
They rose 6.3 per cent in the quarter, down from 7.3 per cent in the first quarter. Shop rentals, however, jumped 5.2 per cent in the period, from only one per cent previously.
During the second quarter, prices of landed properties rose 0.6 per cent, compared with 3.9 per cent in the previous quarter.
Prices of detached, semi-detached and terrace houses went up 0.7 per cent, 0.5 per cent and 0.7 per cent respectively.
The URA said the price index for private homes - an indicator of inflation holding at 26-year highs - rose to 177.5 for the three months ended June from 177.2 in the previous three-month period.
'The rates of increase in the prices and rentals of private residential and office properties have moderated in the second quarter as compared to the first quarter,' said the URA, noting that prices are not uniform and vary from project to project.
But there are a number of of uncompleted private units in the suburban areas with prices 'at more affordable level', it added.
Rentals of private residential homes rose 2.5 per cent during the second quarter - from the 6 per cent increase in the previous quarter.
Supply in the pipeline
There were 67,569 private homes in the pipeline at the end of the second quarter. Of these, 43,473 units were still unsold.
About 46,500 units are expected to be ready by 2011. A total of 1,814 units were launched for sale by developers, which was more than the 1,343 units in the first quarter.
More uncompleted units were sold by developers in the second quarter - 1,417 against 730 in the earlier quarter.
Office rentals up 6.3%
Overall rentals for office space, based on leases which began in the second quarter, rose by 6.3 per cent, compared with 7.3 per cent from January to March.
The median rentals were between $14.7 and $6.47 psf per month.
Private property prices slow
http://www.todayonline.com/articles/267207.asp
Weekend, July 26, 2008
Private property prices slow
PRIVATE home prices rose a slender 0.2 per cent over the second quarter. That’s half the Urban Redevelopment Authority’s earlier flash estimate of 0.4 per cent growth. This was the third consecutive quarter in which prices rose more slowly, after rocketing 31.2 per cent last year.
“The continued weakening of the property price index continues to reflect cautious sentiment in view of the slowing US economy, concerns about the sub-prime crisis and erratic stock market,” said Eugene Lim, assistant vice president at ERA Asia Pacific.
According to the latest government figures, prices of non-landed private residential properties fell by 0.1 per cent on quarter in the core central region, swinging from a 3.8 per cent increase in the previous three months.
Prices of properties in the rest of the central region increased by 0.7 per cent in the quarter, compared with a 3.3 per cent increase in the previous period. Outside the central region, prices increased by 0.9 per cent, slower than a 3.8 per cent rise previously. Prices of office, shop and industrial properties increased by 0.7 and 4.1 per cent respectively. The Government also said the increase in rentals of private residential properties slowed in the second quarter, rising 2.5 per cent compared with 6 per cent in the previous quarter.