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Singapore private home prices up 3.5% in 2Q, above estimate

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The price rise was higher than the Urban Redevelopment Authority’s (URA) flash estimate of 3.2% and a big jump from the 0.7% gain in 1Q.

PRIVATE home prices rose 3.5% in the second quarter (2Q) from the previous three months, fuelled by a sharp turnaround for apartments in the city fringe and the continued strength of the landed market.

The price rise was higher than the Urban Redevelopment Authority’s (URA) flash estimate of 3.2% and a big jump from the 0.7% gain in 1Q.

In 4Q of 2021, prices rose 5%, with the property cooling measures announced only on Dec 15.

Some analysts caution, though, that the price momentum may not be sustainable in light of the rapid rise in interest rates and rising mortgage payments.

Data released by URA yesterday showed that the 3.5% increase was led by non-landed properties, whose prices surged 3.6% compared with a 0.3% drop in the prior quarter.

This was largely due to strong sales at Piccadilly Grand next to Farrer Park MRT station and LIV@MB in the Mountbatten area, which were launched at record prices for 99-year leasehold properties in their locales, analysts say.

“Rising construction costs and land prices, coupled with low unsold inventory levels, have fuelled more optimistic pricing of new launches,” they add.

As a result, prices in the city fringe jumped 6.4% in 2Q, compared with a 2.7% drop in the previous quarter.

Prices in the suburbs grew 2.1%, compared with a 2.2% increase in 1Q.

Those in the prime district rose 1.9%, after a 0.1% drop in the previous quarter, as more foreign buyers returned with the opening of Singapore’s borders.

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Meanwhile, prices of landed properties grew 2.9%, after chalking up gains of 4.2% in 1Q.

During 2Q, developers launched 1,956 uncompleted private homes (excluding executive condominiums or ECs) for sale, up from 613 units in the previous quarter.

They moved 2,397 private homes, 31% higher than the 1,825 sold in 1Q. In 2Q, 616 EC units were launched and 193 were sold.

In the resale market, there were 4,236 resale transactions, up from 3,377 units transacted in 1Q.

Meanwhile, the supply of new private homes remains tight, with 15,805 uncompleted unsold units and 1,701 unsold EC units at the end of 2Q.

In total, around 30,700 units (including ECs) are expected to be completed in 2022 and 2023 – almost three times the 10,400 units completed in 2020 and 2021.

This will help to cater to housing needs in the immediate term, URA said.

The URA data also showed that rents of private homes jumped 6.7% in 2Q, accelerating from the 4.2% rise in the prior quarter.

Rents were higher for both landed and non-landed properties, with those for non-landed surging 7.1%, compared with a 4.1% gain in the previous quarter.

Rents of landed properties grew 3.2% from a 5.3% rise previously.

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