Singapore non-landed private home prices inch down in CCR, OCR for Q3

Oct 22, 2021

PRICES of private residential properties across Singapore increased quarter on quarter by 1.1 per cent in Q3 2021, slightly steeper than the 0.8 per cent growth in Q2 2021, according to the final figures released by the Urban Redevelopment Authority (URA) on Friday (Oct 22).

This is a tad stronger than the flash estimates put out on Oct 1, which had reflected a 0.9 per cent gain for the July-September period over the preceding quarter. Analysts had said then that the uptrend in private home prices would likely continue for the rest of the year.

Partly fuelling the overall price increase was a 2.6 per cent jump for landed properties in the latest quarter, which more than reversed the 0.3 per cent drop in Q2 2021.

Non-landed private homes became 0.7 per cent pricier in Q3 2021, slowing from the 1.1 per cent rise in the previous quarter.

By region, only the rest of central region (RCR), or city fringe, saw an increase in prices for non-landed properties. They climbed 2.6 per cent, speeding up from the 0.1 per cent growth in the second quarter.

Both the core central region (CCR) and the outside central region (OCR) recorded lower prices for non-landed homes in the third quarter, versus the second quarter's gains. In the CCR, there was a 0.5 per cent decrease, compared with the 1.1 per cent increase in the three months prior. The OCR, or suburbs, saw prices edging down 0.1 per cent, compared with a 1.9 per cent rise previously.

In the rental market, overall private residential properties islandwide posted a 1.8 per cent growth in rents for the third quarter, easing from a 2.9 per cent jump in the previous quarter.

As for resale transactions, 5,362 units changed hands in the July-September period this year, slightly more than the 5,333 units in the April-June quarter.

Developers sold 3,550 private residential units - excluding executive condominiums (ECs), a private-public housing hybrid - in Q3 this year. That is nearly a fifth more than the 2,966 units moved in the previous quarter.

In terms of launches, property developers put 2,149 uncompleted private residential units, excluding ECs, on the market this July-September, fewer than the 2,356 units launched in the April-June period.

As at the end of September, there was a total supply of 47,715 uncompleted private residential units, excluding ECs, in the pipeline with planning approvals. That is up from the 47,097 units in the previous quarter.

Of this supply in the pipeline, 17,140 units remained unsold, about 11.6 per cent fewer than the 19,384 unsold units as at the end of June.