A 0.4% increase of private home price in 3rd quarter 2013

A 0.4% increase of private home price in 3rd quarter 2013

October 3, 2013 by admin ·
A 0.4% increase of private home price in 3rd quarter 2013 as compared to the 1.0% increase in the previous quarter is estimated by Urban Redevelopment Authority (URA) on Oct 1st. The private residential property index rose 0.8 points from 215.4 points in 2nd Quarter 2013 to 216.2 points in 3rd Quarter 2013.
Singapore private residential property price index 3Q 2013 flash estimate
URA website
Prices of non-landed private residential properties in both Core Central Region and Rest of Central Region declined in 3rd Quarter 2013. In Core Central Region, prices fell 0.5%, more than the 0.2% decline in the previous quarter. Prices in Rest of Central Region decreased for the first time since 1st Quarter 2012, by 1.1%, compared with the 0.2% increase in the previous quarter. In Outside Central Region, prices increased by 2.1% in 3rd Quarter 2013, which is lower than the 3.8% increase in the previous quarter.
Singapore property price index of non-landed private home 3Q 2013 flash estimate
URA website

Summarized from the media, we think that the 2.1% increase in price in the mass private flat market, Outside of Central Region should thank to a series of new launches of condo developments near the city fringe during the past quarter. Especially, the developers had launched Skywoods @Dairy Farm Road (close to Hillview MRT station), The Glades @ Tenah Merah MRT Station, Thomson Three @Upper Thomson MRT Station, Sky Vue @ Bishan MRT Station. All of them have strategic locations both very near MRT stations and city fringe. A lot of HDB home upgraders and other buyers had been attracted by the affordable price quantum from many 1- and 2- bedroom units. The overall selling psf prices are higher than the one in the previous quarter.
According to URA’s news release, the flash estimates are compiled based on transaction prices given in caveats lodged during the first ten weeks of the quarter plus the survey data on new units sold by developers in the first two months of the quarter. The final statistics will be available 4 weeks later. which will include as complete as  transactions spreading the whole spectrum of the quarter.  we should be cautious to explain the flash estimate since they may be significant different when the price changes of the quarter are small.

Filed Under: Market watch · Tagged With: private home price, private non-landed residnetial property price, private residential property price, URA