Singapore home prices rise in Q2

QX179R SG

Singapore home prices rise in Q2 on stronger demand

SINGAPORE : Prices of non-landed homes sold in Singapore in the second quarter of this year rose 28 per cent from the first quarter.

CB Richard Ellis (CBRE) said the quarter-on-quarter increase was the largest for sales of new freehold non-landed residential projects.

Prices of freehold units averaged S$938,000 in the second quarter, up from S$733,000 the previous quarter.

A large proportion of the units sold were family-sized units in projects such as IResidences, The Arte, Versilia On Haig - which reflected a median price of S$830 to S$925 per square foot (psf).

On a unit rate basis, CBRE said home prices sold in the second quarter was 14.6 per cent lower than that in the first quarter. This was because the caveats for higher-priced condominiums such as Martin Place Residences, The Wharf Residences and One Devonshire have not been lodged yet.

CBRE said once these caveats are lodged, it expects the unit rate to be higher than the S$1,051 psf rate in the first quarter.

Meanwhile, sales of new 99-year leasehold projects such as the Caspian (S$580 psf), Mi Casa (S$625 psf), and Double Bay Residences (S$650 psf) were lower compared to freehold non-landed projects.

Prices of leasehold units averaged S$788,000 in the second quarter, up 13.2 per cent from the first quarter, where prices averaged S$696,000. Based on the unit rate, the second quarter's price of S$655 psf was 6.9 per cent higher than a quarter ago.

Resale prices for freehold non-landed properties increased 8.2 per cent, while leasehold resale prices saw a 2.9 per cent rise from the first quarter.

CBRE said it expects sales of 3,500 to 4,000 units at the end of the second quarter, much higher than the 2,596 units in the previous quarter.

In the first half of 2009, HDB upgraders made up 65 per cent of buyers of new homes, compared to 44 per cent in the whole of last year. They have also been active in the secondary market, making up 49 per cent of buyers of resale units - compared with 33 per cent in 2008.

- CNA/al

lianamaster SG

It seems S'poreans are just waiting for the right time to let loose their pockets.

zaxis SG

defferred payment till TOP, how many buyer still has not paid up their payment?

even defered payment also cannot get bank loan

& many property drop by easily 30% , how will bank approve loan?

say last time signed is S$1,000,000.00

pay downpayment 10%

now if price drop by 30%

will bank value the properties by S$700,000.00 ?

or S$1,000,000.00?

QX179R SG

HDB prices of resale flats rebound in Q2

Prices of HDB resale flats have rebounded in the second quarter, after falling in the first three months of the year.

According to flash estimates from the Housing Development Board, prices rose by 1.2 percent between April and June, compared to the first quarter of the year.

From January to March, HDB resale prices had fallen by 0.8 percent -- the first drop more than two years.

With the current rebound, prices of resale flats are now 6 percent higher compared to the second quarter of 2008.

--938Live

QX179R SG

Singapore's private home prices fall in Q2

Prices of private home declined for a fourth consecutive quarter between April and June.

Advance estimates from the Urban Redevelopment Authority shows that prices of non-landed private residential properties fell 5.9 percent in the second quarter.

But the fall was not as steep as was seen in the first quarter, when prices dropped 14 percent.

URA's preliminary data showed that private home prices dropped 6.6 percent in the core central region, which includes the prime districts of 9, 10 and 11 and the downtown area.

Prices slid 6.3 percent in the rest of the central region, which include areas just outside of the prime districts.

And for those in the suburban regions, prices fell 2.6 percent.

URA's flash estimates are based on data from the first 10 weeks of the quarter.

--938Live