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Thread: Prices of completed private homes up 0.1% in Jan

  1. #1
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    Default Prices of completed private homes up 0.1% in Jan

    http://www.straitstimes.com/business...s-up-01-in-jan

    Prices of completed private homes up 0.1% in Jan

    Rennie Whang


    The new year did not bring much cheer to home owners in the core central region as prices there continued to fall.

    Overall, the NUS Singapore Residential Price Index (SRPI) found that prices of completed private apartments rose 0.1 per cent in January from December.

    But the rises were uneven. While prices in the non-central region rose 0.5 per cent and prices of small units rose 0.6 per cent, central region prices slid 0.5 per cent.

    The index also showed prices in December fell more steeply than previously estimated. Prices fell a revised 0.6 per cent in December over November, more than the estimated 0.4 per cent.

    The capture of more transactions resulted in downward revisions across all four of its indices: the overall SRPI, that for central units, non-central units and small units.

    Starting from the January 2016 indexes published yesterday, the Institute of Real Estate Studies (IRES) has introduced a new basket, the eighth in the series, to include newer projects.

    It now comprises 574 private residential projects across 26 postal districts that were completed between October 2003 and September 2015.

    This is up from 429 private residential projects across 25 postal districts - and completed between October 2003 and September 2013 - in the previous basket.

    Some of the newer projects taken into account are D'Leedon, Skyline Residences and Silversea.

    This latest basket does not remove the projects that were completed between October 2003 and September 2005, noted Associate Professor Lum Sau Kim of IRES.

    "Given the lower transaction volumes in the previous year, this increases the number of price signals for computing the SRPI suite of indices," he said.

    Small units - which IRES defines as those up to 506 sq ft - are also better represented this time around. Small units now account for 6.4 per cent of the total number of units, or about 7,120, up from 3,092 previously.

    The total number of units under coverage has risen from 78,877 to 111,811.

  2. #2
    Join Date
    Oct 2011
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    Default Prices of completed, non-landed private homes up 0.1% in January

    http://www.businesstimes.com.sg/real...-01-in-january

    Prices of completed, non-landed private homes up 0.1% in January

    Flash estimates from NUS index based on a bigger basket of projects completed between Oct 2003 and Sept 2015

    By Lynette Khoo

    [email protected]

    @LynetteKhooBT

    Mar 1, 2016


    PRICES of completed non-landed private homes inched up 0.1 per cent in January compared to the month before, led by small units and units in the non-central region.

    This is based on flash estimates from the National University of Singapore (NUS) for the Singapore Residential Price Index (SRPI), after a revised 0.6 per cent price fall for completed private homes in December.

    January 2016 estimates are based on a revised basket - expanding to 574 private residential projects across 26 postal districts that were completed between October 2003 and September 2015. This was up from 429 projects in the previous basket, with central region homes making up 37 per cent and non-central homes accounting for the rest.

    The Central Region is defined as Districts 1 to 4 (including the financial district and Sentosa Cove) and the traditional prime residential districts of 9, 10 and 11 by the NUS' Institute of Real Estate Studies, which minted the SRPI series.

    As a transactions-based index, the NUS SRPI tracks month-on-month price movements of private non-landed homes in a pre-determined basket and uses hedonic regression to estimate prices. The composition of the basket is adjusted every two years to reflect the changes in the completed private housing stock in Singapore.

    NUS said the revised basket differs from the previous basket in three main areas: Firstly, Basket 8 comprises newer projects and "is better marked-to-market in terms of the residential amenity levels expected of non-landed market today".

    Secondly, Basket 8 does not remove the earlier projects that were completed between October 2003 and September 2005, hence increasing both the number of price signals for computing the NUS SRPI suite and the coverage of non-landed private residential market.

    And thirdly, small units are also more prevalent in Basket 8, where both the number and proportion of such units rose markedly in both the central and non-central regions, NUS said. Small units represent about 31 per cent of projects or about twice the number in the previous basket.

    For the new basket with December 2015 as the base year, small units of 47 sq m (506 square feet) or less rose 0.6 per cent month on month; units in the non-central region (excluding small units) rose 0.5 per cent. These were a recovery from their respective December declines of 0.3 and 0.6 per cent.

    But units in the central region (excluding small units) slipped a further 0.5 per cent in January, after a revised 0.8 per cent fall in December. NUS SRPI December revised figures were based on Basket 7, that had December 2013 as the base period.

    Amid heightened stock market volatility and economic headwinds, residential purchases in the central region will be hit harder than non-central apartments below S$1.5 million (US$1.1 million), said ERA Realty key executive officer Eugene Lim.

    Since buyers of completed homes tend to be owner-occupiers with specific needs for unit size and location, the non-central region typically draws more owner-occupiers than investors.

    Mr Lim added that the investors group is not so active now, given the weak rental market. Savills Singapore research head Alan Cheong said however that he was expecting an uptick in price in January for central-region homes as agents were reporting a strong January performance.

    But on the whole, property consultants find it difficult to draw any conclusion from month-on-month fluctuations and would rather wait for the quarterly statistics before concluding whether the overall price uptick for completed private homes in January holds any significance.

    The low volume of transactions in January, just before the festive Lunar New Year, had further compounded the wobbliness in price signals, they said.

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