Results 1 to 2 of 2

Thread: Private, public housing prices up 2.2%, 1.6%

  1. #1
    mr funny is offline Any complaints please PM me
    Join Date
    May 2006
    Posts
    8,129

    Default Private, public housing prices up 2.2%, 1.6%

    http://www.straitstimes.com/Breaking...ry_660944.html

    Apr 25, 2011

    Private, public housing prices up 2.2%, 1.6%

    By Lai Han-Wei and Tony Ng


    OVERALL prices of private residential properties rose 2.2 per cent in the first quarter of 2011, according to figures released by the Urban Redevelopment Authority (URA) on Monday, making it the sixth consecutive quarter where the rate of increase in private housing prices had moderated.

    Prices of non-landed properties increased by 1.7 per cent in the first quarter of 2011, compared with the 1.8 per cent increase in the previous quarter.

    For the same period, prices of landed properties went up by 3.9 per cent, compared with the 5.5 per cent increase in the previous quarter.

    On the public housing front, resale prices of HDB flats have gone up by 1.6 per cent - or a 2.8 per cent increase in the HDB Resale Price Index - for the first quarter of this year, said the Housing and Development Board (HDB) in a statement released on Monday.

    This is lower than the 2.5 per cent in the previous quarter.

    Resale transactions fell by 4 per cent to 6,545 cases quarter-on-quarter while the proportion of resale cases completed above valuation were at 96 per cent. However, the median cash-over-valuation for this period fell by $2,000 to $21,000.

  2. #2
    mr funny is offline Any complaints please PM me
    Join Date
    May 2006
    Posts
    8,129

    Default

    http://www.straitstimes.com/Money/St...ry_661109.html

    Apr 26, 2011

    Home prices, sales cool in first quarter

    Analysts say slower activity, fall in HDB cash premiums due to cooling measures

    By Fiona Chan, Assistant Money Editor


    THE housing market kept applying the brakes in the first quarter, as both public and private homes recorded smaller price rises compared with the previous quarter.

    Sales volumes also dropped: Buyers picked up 4 per cent fewer Housing Board resale flats and 20 per cent fewer private homes, according to new data yesterday.

    In another sign of slower activity, the cash premiums that buyers paid for HDB flats fell as well. The median cash over valuation (COV) fell by $2,000 to $21,000 in the first quarter from $23,000 in the previous quarter, HDB said.

    Property analysts attributed these figures to the Government's latest - and toughest - round of cooling measures in January.

    HDB resale flat prices rose 1.6 per cent in the first quarter, down from 2.5 per cent in the previous three months, HDB said yesterday.

    Private home prices rose 2.2 per cent in the first quarter, lower than the 2.7 per cent gain in the fourth quarter of last year, said the Urban Redevelopment Authority (URA).

    But this figure was slightly higher than the previous estimate of a 2.1 per cent rise, implying prices rose in the last weeks of March.

    With take-up still strong for new projects last week, there is a chance that the Government may implement a new round of cooling measures after the May 7 General Election, said Standard Chartered analyst Regina Lim. These could include raising the down payment for home purchases, she added.

    'We think the Government has refrained from using these measures thus far as they would hurt affordability for first-time home buyers and affect votes in the election,' Ms Lim said in a note.

    There are other signs that the demand for homes remains robust, especially in the lower tiers of the market.

    Suburban home prices climbed 3.1 per cent in the first quarter, accelerating from a 2.1 per cent rise in the fourth quarter of last year, the URA said yesterday.

    The prices of condominium units in city fringe areas also rose by 2 per cent, after advancing 1.9 per cent in the previous three months.

    This could be because the cooling measures are forcing home buyers to turn to more affordable mass-market housing, said Colliers International director of research and advisory Chia Siew Chuin.

    As for the HDB market, COV levels appear to have rebounded from the first quarter, said property agencies PropNex and ERA. Both said the median COV for flats sold so far this month is back up to $23,000.

    But while PropNex said their COVs have risen across all flat types, ERA has observed sharp increases in COVs especially for five-room and executive flats.

    Demand is boosted by two sources: HDB dwellers who have given up on upgrading to pricey private homes and are moving to bigger flats instead, and private home owners who are cashing out and moving to HDB flats, said ERA Realty key executive officer Eugene Lim.

    'One of my agents recently said someone bought a rare Pasir Ris executive apartment for $95,000 COV,' he said. 'So it's not because the market has bounced back and the cooling measures are not working, but we feel certain types of flats are lifting the market.'

    Some analysts yesterday also warned of possible oversupply in 2013 and 2014, when the spate of new projects is completed.

    With more supply, private home rents have eased, said Mr Sai Min Chow, a Nomura property analyst. Rents rose 1.2 per cent in the first quarter, down from 2.6 per cent in the previous quarter.

    But Knight Frank's head of consultancy and research, Mr Png Poh Soon, believes the greater supply of homes will be balanced by the fact that more foreigners are being drawn to Singapore.

    'We've always talked about private home sales averaging 6,000 to 8,000 a year, but 10,000 to 12,000 may be the new norm,' he said.

    He expects private home prices to rise by 5 per cent to 10 per cent this year. But Mr Sai thinks luxury home prices will fall by up to 8 per cent and the rest of the market will stay flat.

    [email protected]

Similar Threads

  1. Price of land in Singapore for public housing lower than that for private development
    By reporter2 in forum Singapore Private Condominium Property Discussion and News
    Replies: 1
    -: 15-02-19, 17:47
  2. Leasing woes for private non-landed, public housing
    By reporter2 in forum Singapore Private Condominium Property Discussion and News
    Replies: 1
    -: 23-07-15, 19:37
  3. Prices for public and private housing fall in first quarter
    By reporter2 in forum Singapore Private Condominium Property Discussion and News
    Replies: 1
    -: 09-04-15, 23:59
  4. Resale prices, rents rise for private and public housing
    By reporter2 in forum Singapore Private Condominium Property Discussion and News
    Replies: 0
    -: 08-09-12, 16:06
  5. Demand for and prices of public housing flats expected to stay resilient
    By mr funny in forum HDB, EC, commercial and industrial property discussion
    Replies: 2
    -: 11-11-08, 13:52

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •