Flash estimates of private residential property prices up 0.4% in Q2

Flash estimates of private residential property prices up 0.4% in Q2

 

SINGAPORE: Private residential property prices rose 0.4 per cent in the second quarter of this year, according to flash estimates released by the Urban Redevelopment Authority.

 

This compares to the 3.7 per cent increase in the first quarter.

 

Prices of non-landed private residential properties increased by 0.2 per cent in Core Central Region, 0.7 per cent in Rest of Central Region and 1.3 per cent in Outside Central Region in the second quarter of the year.

 

In comparison, for the first quarter of 2008, prices of non-landed private residential properties increased by 3.8 per cent in Core Central Region, 3.3 per cent in Rest of Central Region and 3.8 per cent in Outside Central Region.

 

Analysts note the softening prices contributed to a pick up in sales toward the end of the second quarter in some attractively located and reasonably-priced projects launched.

 

On the supply side, as at first Quarter of 2008, there were about 67,700 private residential units in the pipeline, of which about 56,500 new private housing units are expected to be completed between 2008 and 2011.

 

About 42,700 units of the supply in the pipeline (or 63 per cent) had not been sold by developers yet.

 

Said Ms Margaret Thean, DTZ’s Executive Director for Residential: “This is clearly indicated by the sell-out status of projects such as Suites 123 while Nassim Park, Parc Sophia, Dakota Residences and Clover by the Park received encouraging response.”

 

DTZ also foresees further price corrections in private residential properties going forward as high inflation compounds the expected economic slowdown globally.

 

Source: Channel NewsAsia

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s