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Home  >>   Daily News  >>   Singapore News  >> Property  >> Private residential property prices in S'pore rise 0.4% in Q3
NEWS UPDATES Asean Affairs   28 October 2013  

Private residential property prices in S'pore rise 0.4% in Q3

SINGAPORE: Growth of private home prices slowed in the third quarter, affected by property loan curbs implemented in June.

According to the Urban Redevelopment Authority (URA), prices of private residential properties rose 0.4 per cent in the third quarter of 2013.

This is lower than the price increase of 1 per cent recorded in the previous quarter, as the cooling measures continue to weigh on high-end and mid-tier private homes.

The mass-market private residential segment was the only one that saw price growth in the third quarter.

Home prices there grew at a slower pace of 2.2 per cent, which contributed to the 0.4 per cent increase in overall private home prices in Q3.

Prices of homes in the city centre dipped 0.3 per cent, while those in the city fringe fell 0.9 per cent -- the first decrease for the region since the first quarter of 2012.

But some analysts said there may be upsides ahead.

Alice Tan, associate director and head (consultancy and research) at Knight Frank, said: “We are likely to see more new launches at good locations, and these kind of projects are likely to draw a certain healthy level of interest, (thus) prices are likely to be slightly higher than what we see in Q3.”

According to URA, some 107,400 private homes and executive condominium units are expected to be completed in the next three to four years.

And some analysts warn that the strong pipeline of new homes could hurt price growth.

Nicholas Mak, executive director at SLP International, said: "This is actually one of the largest supply that we have seen in the last 20 over years.

“Some of these housing units might actually be bought by investors who are hoping to rent them out, and if our populations are not increasing at that very high rate, what we could see is that rental rates could be depressed and this will in turn lead to even slower price growth, and even stagnate the rate of price increase totally."

In addition, Knight Frank said that concerns over a potential oversupply of private homes could also moderate developers' bids for land sites.

For the fourth quarter, analysts said mass market homes will continue to drive a moderate price increase.

They expect private home prices to grow by between two and three per cent this year.

Meanwhile, rentals of private homes continued to climb for the 16th consecutive quarter, rising by 0.2 per cent in Q3.



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ASEAN  ANALYSIS

This year in Thailand-what next?

AseanAffairs   04 January 2011
By David Swartzentruber      

It is commonplace in journalism to write two types of articles at the transition point between the year that has passed and the New Year. As this writer qualifies as an “old hand” in observing Thailand with a track record dating back 14 years, it is time take a shot at what may unfold in Thailand in 2011.

The first issue that can’t be answered is the health of Thailand’s beloved King Bhumibol, who is now 83 years old. He is the world's longest reigning monarch, but elaborate birthday celebrations in December failed to mask concern over his health. More

 


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