Singapore Private Home Prices Up 0.9% in Third Quarter, Up for 6th Quarter in a Row: Flash Data, Real Estate News and Top Stories
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SINGAPORE – Private house prices in Singapore climbed for the sixth consecutive quarter at a still moderate pace, largely on the back of gains in land ownership.
Third-quarter price increase of 0.9 percent follows an increase of 0.8 percent in the second quarter and a 3.3 percent increase in the first quarter, according to flash estimates from Urban Redevelopment Authority (URA) on Friday October 1).
Year over year, prices for private homes increased 7.3 percent. And in the first nine months of this year, they rose 5.1%, compared to 2.2% for all of last year.
The overall index gain was modest as resale and mass market homes – which typically sell for lower prices than other market segments – accounted for a larger proportion of total sales in the third quarter. , said Ms. Christine Sun, senior vice president of research and analysis. to the real estate company OrangeTee & Tie.
Land prices rose 2.5% in the third quarter, down from 0.3% in the previous quarter, according to URA data.
Analysts noted that the luxury segment landed several notable deals.
A 6,049-square-foot unit at Nassim Homes grossed $ 35 million, or $ 5,786 per square foot (psf), last month, while nine units at 15 Holland Hill traded for more than $ 5 million each. in July and August of this year, said Mark, Managing Director of Huttons Asia. Yep, said.
âThe luxury market could be stimulated when more vaccinated traffic lanes are put in place and foreigners can travel to Singapore,â he said.
In contrast, un-landed properties only registered a gain of 0.5%, after rising 1.1% in the second quarter, due to fewer new launches and new sales amid tighter prices. Covid-19 and Hungry Ghost month restrictions.
The outskirts of the city or the rest of the central region dominated the un-landed submarkets with a gain of 2.2 percent compared to an increase of 0.1 percent in the previous quarter.
Although there were no major new launches on the outskirts of the city in the third quarter, some existing projects were negotiated at higher prices, noted Mr. Nicholas Mak, head of research and advice. at ERA.
Median negotiated prices for top-selling condos such as Normanton Park hit $ 1,828 per square foot in the third quarter, compared to $ 1,809 in the second quarter. Ki Residences in Brookvale climbed to psf $ 1,858 from psf $ 1,827, while Avenue South Residence went from psf $ 2,221 to psf $ 2,249, he said.
But in the suburbs or outside the central region, prices for non-real estate homes fell 0.2% after rising 1.9% in the previous quarter.
This despite two new launches – Pasir Ris 8 (425 units sold) and The Watergardens in Canberra (281 units sold), which together accounted for 37% of new sales in the suburbs, said Mr. Ong Teck Hui, senior research director. . and advice at JLL.
Mr. Mak noted that although Pasir Ris 8 was the best performer in terms of units sold, the median transaction price for the project was only $ 1,627 psf for the third quarter. This compares to the median negotiated price of $ 1,617 per square foot for properties without land in the suburbs.
Prices in major districts or the Central Central Region (CCR) fell 0.6% in the third quarter, after rising 1.1% in the second quarter, flash data showed.
There was only one new launch – Klimt Cairnhill – in the third quarter, compared to five in the second quarter, Ong said.
Mak noted that some luxury condo developers may have lowered prices to attract local buyers as border restrictions continued to dampen foreign demand.
The median price of Leedon Green, the top-selling project in the Main District in the third quarter, was 2% lower than in the second quarter, he noted.
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