Tuesday, April 04, 2006
Singapore private home prices up 1.5% in Q1, HDB prices flat
SINGAPORE : Prices of private homes in Singapore rose by 1.5 percent in the first quarter of this year, according to flash estimates by the Urban Redevelopment Authority, which tracked data for the first ten weeks of the quarter.
While private homes prices continued on their upward trend, HDB prices remained flat, registering a mere 0.1 percent rise.
The 1.5 percent rise for private residential properties in Singapore in the first quarter of this year was within expectations, consultants say.
It came on the back of a 1.4 percent improvement in the fourth quarter of last year.
The price increase was driven mainly by the prime districts of 9, 10 and 11, which rose by an average of about 27 percent, and district 15, which saw a 15 percent rise.
Entry-level private homes remained quiet but that might soon change.
Said Chua Yang Liang, head of research (Singapore), Jones Lang LaSalle, "In the mass market, it should pick up, although delayed towards the later half of the year. The trigger down effect from the high end, the positive feeling, the strong economic impetus -- that should filter down to the mass market towards the later half. We should see some kind of more activity in the mass market by then."
And the expected brisk take-up this year should support a broad-based recovery.
Said Mr Chua, "Last year's take up was about 8,900 units. In terms of what we anticipate this year, we should have new launches of about 8,500 to 8,900 units, of which between 30 to 35 percent should come from the prime discount. So prices, at least for the prime districts, should maintain, if not edge upwards in the market cycle."
But consultants believe prices will not improve by the same pace in all segments.
Despite the strong performance of prime residential properties last year, many consultants still expect this segment to be the star performer in 2006, rising by some 8 to 10 percent.
Mass market home prices, on the other hand, while remaining firm, are only expected to rise by 1 to 2 percent this year. - CNA /ct
While private homes prices continued on their upward trend, HDB prices remained flat, registering a mere 0.1 percent rise.
The 1.5 percent rise for private residential properties in Singapore in the first quarter of this year was within expectations, consultants say.
It came on the back of a 1.4 percent improvement in the fourth quarter of last year.
The price increase was driven mainly by the prime districts of 9, 10 and 11, which rose by an average of about 27 percent, and district 15, which saw a 15 percent rise.
Entry-level private homes remained quiet but that might soon change.
Said Chua Yang Liang, head of research (Singapore), Jones Lang LaSalle, "In the mass market, it should pick up, although delayed towards the later half of the year. The trigger down effect from the high end, the positive feeling, the strong economic impetus -- that should filter down to the mass market towards the later half. We should see some kind of more activity in the mass market by then."
And the expected brisk take-up this year should support a broad-based recovery.
Said Mr Chua, "Last year's take up was about 8,900 units. In terms of what we anticipate this year, we should have new launches of about 8,500 to 8,900 units, of which between 30 to 35 percent should come from the prime discount. So prices, at least for the prime districts, should maintain, if not edge upwards in the market cycle."
But consultants believe prices will not improve by the same pace in all segments.
Despite the strong performance of prime residential properties last year, many consultants still expect this segment to be the star performer in 2006, rising by some 8 to 10 percent.
Mass market home prices, on the other hand, while remaining firm, are only expected to rise by 1 to 2 percent this year. - CNA /ct
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// posted by Shajahan @ 10:34 AM 