Singapore Private House Sales Slowed in Q3
Oct 24th, 2015
Prices of private residential properties in Singapore posted 1.3 percent decrease in the third quarter, compared to the 0.9 percent decline in the previous quarter, latest data from the Urban Redevelopment Authority (URA) of Singapore showed.
URA latest data revealed property price retreat was observed across all segments of the private residential property market. By main-district comparison, prices of non-landed properties fell 1.2 percent in Core Central Region, 1.6 percent in Rest of Central Region and 1.6 percent in Outside Central Region. Prices of landed properties held up relatively better with 0.4 percent drop in the third quarter, compared to the 1.0 percent decline in the previous quarter.
On the property rental side, rentals of private residential properties retreated 0.6 percent, compared to the 1.1% decline in the previous quarter. The rental decline was observed across all segments of the private residential property market. Region-wise speaking, rentals of non-landed properties fell 0.4 percent in Core Central Region (CCR), 0.8 percent in Rest of Central Region and 1.1 percent in Outside Central Region. Rentals of landed properties slipped 0.1 percent, while compared with the 1.0 percent decline in the previous quarter.
Sales of new private homes slumped 33.5 per cent last month as developers continued to scale back new launches. Excluding executive condominiums (ECs), developers sold 341 units in September, down from the 513 units sold the previous month, data from the Urban Redevelopment Authority (URA) in the earlier week showed.
Including ECs, 629 units were sold, down from August’s 979 units. The lacklustre sales came as developers launched just 391 units last month, down from the 598 units launched the previous month. Including ECs, a total of 916 units were launched, compared with the 1,305 units launched in August.