Private housing prices moderate

Private housing prices moderate

SINGAPORE: Prices of private residential properties increased by 1.3 per cent in the third quarter of 2011, lower than the 2.0 per cent rise in the previous quarter.

This was the eighth consecutive quarter in which the rate of increase in overall private housing prices had moderated, according to real estate statistics released on Friday by the Urban Redevelopment Authority (URA).

Prices of non-landed properties in the Core Central Region (CCR) – which includes postal districts 9, 10 and 11 – increased at a slower pace of 0.7 per cent in the third quarter, compared to the 1.6 per cent rise in the previous quarter.

Meanwhile, prices for Rest of Central Region2 (RCR) and Outside Central Region (OCR) increased by 1.2 per cent and 2.1 per cent respectively in the third quarter.

This was slightly higher than the 1.1 per cent and 1.7 per cent increase in the previous quarter.

Rentals of private residential properties rose by 0.8 per cent in the third quarter, lower than the 1.3 per cent increase in the previous quarter.

URA said there was a total supply of 76,255 uncompleted private residential units from projects in the pipeline, as at the end of the third quarter this year.

This supply was higher than the 71,111 units in the previous quarter, and also the highest ever recorded since such data was first available in 1999.

Out of the total supply in the pipeline, 39,111 remained unsold in the third quarter.

Meanwhile, the total stock of completed Executive Condominium (EC) units remained unchanged at 10,430 units as at the end of the third quarter.

In addition, there were 5,332 EC units in the pipeline.

URA added that another 1,115 EC units could come from the EC sites that have been released for sale via the 2nd Half 2011 Government Land Sales (GLS) Programme.

As for office space, rentals increased by 0.9 per cent in the third quarter, down from the 1.5 per cent rise in the second quarter.

Total supply of office space in the pipeline at the end of the third quarter stood at 933,000 square metres GFA.

URA said more supply of office space will come from the GLS sites which were recently awarded by the government this year and the development of the six plots of land at Marina Bay and Ophir Road/Rochor Road to be jointly developed by M+S Pte Ltd.

Meanwhile, prices for multi-user factory space rose 6.7 per cent in the third quarter, compared with 5.7 per cent in the previous quarter. Rentals increased 2.1 per cent, down from the 4.5 per cent rise in the second quarter.

- CNA/wk/al

Source : Channel NewsAsia – MediaCorp Pte Ltd Copyright

Private home prices hit new high, growth pace slows »« Property prices up marginally in September: NUS

Property prices up marginally in September: NUS

Property prices up marginally in September: NUS

By Avelyn Ng | Posted: 28 October 2011 2230 hrs

SINGAPORE: Property prices increased marginally by 0.1 per cent month-on-month in September, according to the National University of Singapore (NUS).

Prices fell 0.2 per cent in August.

The Overall Singapore Residential Price Index (SRPI) by NUS may have increased, but a separate index that tracks small units fell.

The SRPI Small, which tracks the volatile prices of small units (under 506 square feet) fell 1.2 per cent after rising 3 per cent in the previous month.

Excluding small units, the index for properties in the central region (SRPI Central) fell by 0.2 per cent in September after falling 0.5 per cent in the previous month.

In the non-central region, the property index excluding small units (SRPI Non-Central) rose 0.2 per cent in September after plateauing in the previous month, reflecting the strength of the mass market sector of the property market.

- CNA/cc

Source : Channel NewsAsia – MediaCorp Pte Ltd Copyright

Private housing prices moderate »« New DBSS project launched in Clementi