Channel NewsAsia

Private property prices down for third straight quarter: URA

Prices of private residential properties fell by 1 per cent on-quarter in Q2, following a 1.3 per cent decrease in the first quarter.

SINGAPORE: Prices of private residential properties in the second quarter fell by 1 per cent from the previous quarter – the third consecutive quarter of decline, the Urban Redevelopment Authority (URA) said on Friday (July 25).

The price decline was observed across all segments of the private residential property market, URA said.

Prices of non-landed properties in the Core Central Region (CCR) declined by 1.5 per cent from the previous quarter, following the 1.1 per cent decrease in the January to March period. Prices in the Rest of Central Region (RCR) declined by 0.4 per cent, after decreasing by 3.3 per cent in the previous quarter. In the Outside Central Region (OCR), prices declined by 0.9 per cent, after the 0.1 per cent decline in the previous quarter. Prices of landed properties declined by 1.7 per cent, significantly more than the decrease of 0.7 per cent in the previous quarter.

Rentals of private residential properties in the second quarter fell by 0.6 per cent from the previous quarter, compared with a 0.7 per cent decline in the January to March period.

LAUNCHES AND TAKE-UP

Developers launched 2,843 uncompleted private residential units excluding Executive Condominiums (ECs) in the second quarter, compared with 1,964 units in the first quarter, URA said. A total of 2,665 private residential units (excluding ECs) were sold by developers during the quarter, compared with 1,744 units in the January to March period.

No new EC units were launched for sale during the quarter. Developers sold 154 EC units in the second quarter, compared with the 149 units sold in the previous quarter.

RESALES AND SUB-SALES

The number of resale transactions rose to 1,314 in the second quarter, up from 941 transactions in the previous quarter. Resale transactions accounted for 31.9 per cent of all sale transactions during the quarter, compared with 33.5 per cent in the first quarter.

There were 139 sub-sale transactions in the second quarter 2014, compared with 128 transactions in the previous quarter. Sub-sales accounted for 3.4 per cent of all sale transactions in the quarter, lower than the 4.6 per cent recorded in the January to March period.

Tweet photos, videos and updates on this story to  @channelnewsasia