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Thread: No luxury home price hikes for S'pore, HK

  1. #1
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    Default No luxury home price hikes for S'pore, HK

    http://www.straitstimes.com/archive/...re-hk-20130514

    No luxury home price hikes for S'pore, HK

    Published on May 14, 2013

    By Melissa Tan


    PRICES of luxury homes con- tinued to rise across much of Asia in the first quarter, except in Singapore and Hong Kong, where property market cooling measures deterred buyers.

    The capital values of high-end residences climbed 2.2 per cent on average across nine Asian markets in the three months to March 31 from the preceding quarter, consultancy Jones Lang LaSalle (JLL) said in a report yesterday.

    Prices were also 6.1 per cent higher year on year on average, noted JLL, which tracked Beijing, Shanghai, Bangkok, Kuala Lumpur, Manila, Jakarta and Mumbai in addition to Singapore and Hong Kong.

    The luxury segment here recorded a price dip of 0.6 per cent in the first quarter from the preceding three months.

    High-end prices also fell 4.3 per cent in the corresponding period a year ago, making Singapore the only market tracked where first-quarter home prices fell year on year.

    JLL head of research for Singapore and South-east Asia Chua Yang Liang said in the report yesterday that the Singapore high-end residential market "continues to face price corrections".

    Dr Chua pointed to a seventh round of property curbs imposed by the Government in January and noted that slower population and economic growth here are likely to weigh down capital values.

    The priciest high-end condominium transaction this year, in per sq ft terms, was for a unit at Ardmore Park, in the prime District 10. The 2,885 sq ft unit was sold at $3,640 per sq ft (psf) for a total price of $10.5 million in February, Urban Redevelopment Authority caveats show.

    Prices for high-end homes in Hong Kong dropped 1.1 per cent quarter on quarter but were still 2.4 per cent higher from the preceding year.

    Jakarta had the biggest jump in luxury home prices in the first quarter, with increases of 8.7 per cent from the preceding quarter and a stunning 32.9 per cent from the preceding year.

    Other cities with solid price increases were Kuala Lumpur and Beijing, where prices rose 6 per cent and 2.4 per cent respectively from the preceding quarter.

    Ms Jane Murray, the head of JLL's Asia Pacific research, said in the report that Singapore's high-end property prices could fall by as much as 5 per cent over the rest of this year.

    Flash figures released last week by the Singapore Real Estate Exchange showed that city centre prices fell 1.9 per cent to $1,772 psf from March to April this year after sliding 2 per cent from February to March.

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  2. #2
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    Default Curbs hit Singapore, HK luxury home markets

    http://www.businesstimes.com.sg/arch...rkets-20130514

    Published May 14, 2013

    Curbs hit Singapore, HK luxury home markets

    JLL reports Q1 price drop while CBRE documents fall in transaction volumes

    By ong chor hao


    RECENT policies by the Singapore and Hong Kong governments to cool the growth of property prices in the first quarter of the year appear to have taken a toll on their luxury home markets, two separate reports noted yesterday.

    A Jones Lang LaSalle (JLL) report yesterday on the luxury residential market in the Asia Pacific for Q1 of 2013 showed that out of nine markets that it monitors, only Singapore and Hong Kong saw prices fall from the previous quarter.

    Average capital values for Singapore high-end homes fell 0.6 per cent while those for Hong Kong fell 1.1 per cent. This compares with the 8.7 per cent gain by similar Jakarta properties and the 6 per cent growth for Kuala Lumpur luxury homes.

    The declines were attributed to measures put in place to curb strong price growth.

    Hong Kong imposed higher stamp duties and home loan curbs on property transactions in February. In Singapore, a seventh round of cooling measures since September 2009 was introduced in January that included higher additional buyer stamp duty rates and a tighter loan-to-value ratio.

    Chua Yang Liang, head of research for Singapore and South East Asia at JLL, said of the Singapore market: "Policy (effects) coupled with slower population and economic growth are likely to continue to add downside pressure to capital values albeit moderately."

    While a separate report from CBRE has the Singapore and Hong Kong luxury residences market doing slightly better, it made similar points about the impact of tighter regulations.

    Transaction volumes fell in both markets after the latest curbs, despite a gain in prices, CBRE noted.

    In its report, prices for Singapore luxury homes grew 1.8 per cent in Q1 from the previous quarter to about US$2,297 per square foot (psf), while for Hong Kong, prices edged up 0.9 per cent to some US$2,924 psf.

    Singapore and Hong Kong were among nine of the 13 major markets that CBRE track for its Asia Luxury Residential Price Index to see price increases in that period.

    Both real estate consultancies believe that South-east Asia economies will continue to outperform over the rest of the year, but noted an overhang of new or sustained policy restrictions for some of the markets in Asia, including China, on prices.

    "Demand from end-users and long-term investors is expected to remain firm in the coming months but the cooling measures currently in place in many markets are already gradually dampening buyer sentiment," CBRE said, expecting overall prices to hold steady or ease over the next few quarters in Asia.

    JLL's head of research for Asia Pacific, Jane Murray, said: "We expect high-end capital values in Hong Kong to fall by five to 10 per cent over the remainder of the year, and to decline by up to 5 per cent in Singapore."

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