October 25, 2008
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A Singapore Real Estate Digest by Justin Ng
October 2008 Edition
Latest Singapore Property Market News
Singapore\’s Q3 private home prices down 2.4% on quarter
SINGAPORE:
Private home prices in Singapore came in weaker than expected for the
third quarter, dropping by 2.4 per cent - worse than an earlier
estimate of 1.8 per cent. The quarter-on-quarter drop was the first
decline in more than four years.
Data
from the Urban Redevelopment Authority (URA) showed prices fell across
the board, with prices for high-end homes in prime areas seeing the
biggest drop of 2.7 per cent.
Read More…
September figures show continued softness in private home sales
SINGAPORE: Sales of private homes in Singapore improved 17.5 per cent in September, compared to the previous month.
But analysts said the pickup fell short of expectations, given the low base in August caused by the Hungry Ghost Festival.
The seventh month of the Lunar calendar is traditionally regarded as an
inauspicious period and buyers usually refrain from making purchases
during that time.
Almost 300 per cent more units were launched for sale in September,
compared to August.
Property developers sold 376 units in September, just 51 units more
than the preceding month. Nonetheless, some analysts see something to
cheer about in the data.
Read More…
Featured: Sim Lim Square Units for Sale
Sim
Lim Square, commonly referred to as SLS, is an established 390,000
square feet (36,000 m2) commercial shopping centre specialising in
electronics and IT Products in Singapore, and is generally regarded in
modern day Singaporean culture as perhaps the most established “IT
mall” compared to its closest competitors. Popular with both tourists
and locals, CNET Asia has called it the “electronics hub of Singapore”.
There
are currently 3 shop/retail space with good frontage for sale with
tenancy. Please kindly contact Justin @ 91029456 if you are keen to
explore further.
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September\’s Property Transactions
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| Flat Type |
Units Sold |
| 4 Room |
922 units |
| 3 Room |
692 units |
| 5 Room |
689 units |
| Condominium |
472 units |
| Apartment |
241 units |
| Executive |
191 units |
| Terrace House |
75 units |
| Executive Condominium |
49 units |
| Semi-Detached House |
36 units |
| Detached House |
21 units |
| 2 Room |
18 units |
| HUDC |
6 units |
| 1 Room |
1 units |
| Multi-generation |
1 units |
| HDB Town/Estate |
Units Sold |
| Woodlands |
228 units |
| Tampines |
197 units |
| Jurong West |
180 units |
| Sengkang |
148 units |
| Ang Mo Kio |
143 units |
| Bedok |
140 units |
| Yishun |
132 units |
| Choa Chu Kang |
124 units |
| Hougang |
114 units |
| Bukit Batok |
114 units |
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Singapore Property Trend - Past Transactions
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liable for any damage or loss that you may be exposed to and shall
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| Copyright (c) 2008 JustinNgProperties.com. All Rights Reserved. |
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October 25, 2008
SINGAPORE: Private home prices in Singapore came in weaker than expected for the third quarter, dropping by 2.4 per cent - worse than an earlier estimate of 1.8 per cent. The quarter-on-quarter drop was the first decline in more than four years.
Data from the Urban Redevelopment Authority (URA) showed prices fell across the board, with prices for high-end homes in prime areas seeing the biggest drop of 2.7 per cent.
Analysts said there has not been panic selling yet, but they expect prices to drop by about 3 to 5 per cent in the quarters to come.
Donald Han, managing director of Cushman & Wakefield, said: “We don’t know what’s going to happen in the next 2 to 3 months. There will be people who’ve been affected by the stock market (declines), who might be late in their payment, and that might eventually translate to more pressurised selling.”
The mass-market and mid-tier segments, which have shown some resilience in previous quarters, have also not been spared.
Prices for mass-market homes fell by 1.5 per cent, while those for the mid-tier segment declined by 2.4 per cent.
URA said there are over 66,000 units of private homes in the pipeline - of these more than 37,000 units will be completed by 2011.
Some property consultants said developers may choose to launch their projects before the market gets worse.
Tan Huey Ying, Colliers International’s director for research & advisory, said: “Now that the market is firmly on a downward path, I think there are some developers who may take this opportunity to launch their projects instead of waiting for prices to drop even further.
“On the other hand, there might be some developers with strong financial standing who may want to continue to develop their properties, but launch at a later date when the market recovers.”
Sub-sales accounted for about 11.6 per cent of all sales transactions in the third quarter.
Ms Tan expects this segment to hold steady for the next six to nine months. And it is likely to be dominated by purchasers for properties that are nearing completion or speculators who opt to take profit now.
Rentals of private residential properties also fell in the third quarter, dropping by about one per cent.
Meanwhile, Housing and Development Board (HDB) data showed prices of resale flats rose by 4.2 per cent in the third quarter compared to the previous quarter.
Source: http://www.channelnewsasia.com/stories/singaporebusinessnews/view/385086/1/.html
