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NEWS UPDATES Asean Affairs     October 5,  2016  

Singapore private home prices fall most in 7 years in Q3

SINGAPORE’S private home prices fell at the fastest pace in seven years in the third quarter, as sluggish domestic demand adds further pressure on the export-reliant economy ahead of a central bank policy review expected later this month.

The private residential property index fell 1.5 per cent to 137.9 in the July-September quarter, according to a flash estimate released by the Urban Redevelopment Authority (URA), after falling 0.4 per cent in the previous quarter.

The latest drop was the largest quarterly decline since home prices slid 4.7 per cent in the second quarter of 2009, when fallout from the global financial crisis slammed into Asia and pushed Singapore’s economy into contraction.

“The main reason why this time around the drop is steeper is the market is finally feeling the brunt of the economic slowdown on top of the downward pressure from the supply spike in 2016, 2017,” said Christine Li, head of research for Cushman and Wakefield in Singapore.

Including the drop in the third quarter, private home prices have fallen 10.8 per cent from a peak in the third quarter of 2013, having declined for 12 straight quarters. The price declines have come after authorities introduced a series of property market cooling measures in recent years.

“Vacancy rates are rising and there is still a large supply. And we think that the non-residential industrial sector is likely to feel the biggest headwinds as global trade remains weak. So it is not just residential that is feeling the pinch,” said Trinh Nguyen, senior economist for Natixis in Hong Kong.

Cushman and Wakefield’s Li said an adjustment to the way the URA compiles the property price index probably added to the fall in the property price index in the third quarter. The change takes into account various incentives and discounts that developers may use to sell property after they are completed and delicensed. The URA has started including net prices of delicensed projects in the property price index data.

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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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