Prices of private residential properties in the
second quarter fell by 0.9% from the previous quarter – the seventh consecutive
quarter of decline, the Urban Redevelopment Authority (URA) said on Friday (Jul
24).
The price decline was observed across all segments of
the private residential property market, URA said. Prices of non-landed
properties in the Core Central Region (CCR) and Rest of Central Region (RCR)
declined by 0.6% from the previous quarter, while prices in the Outside Central
Region (OCR) fell by 1.1%. Prices of landed properties declined by 1%.
Rentals of private residential properties fell by
1.1% from the previous quarter, compared with a 1.7% decline in the January to
March period.
Developers launched 2,099 uncompleted private
residential units excluding Executive Condominiums (ECs) in the second quarter,
up from the 1,189 units launched in the previous quarter, URA said. A total of
2,116 private residential units (excluding ECs) were sold by developers during
the quarter, compared with 1,311 units in the first quarter.
A total of 480 EC units were launched during the
quarter, and 439 units sold over the same period, up from the 326 units sold in
the previous quarter.
The number of resale transactions rose to 1,827, up
from the 1,250 transactions in the first quarter. Resale transactions accounted
for 44.5% of all sale transactions during the quarter, compared with 47.1% in
the previous quarter.
There were 161 sub-sale transactions, up from the 94
transactions in the previous quarter. Sub-sales accounted for 3.9% of all sale
transactions, up from the 3.5% recorded in the previous quarter.
As at the end of the second quarter, there were
61,237 uncompleted private residential units (excluding ECs) in the pipeline,
compared with 68,201 units in the previous quarter. Of this number, 24,435
units remained unsold. Adding the 14,701 upcoming EC units, there are a total
of 75,938 units in the pipeline, according to URA.
Based on expected completion dates reported by
developers, 13,191 units (including ECs) will be completed in the second half
of 2015, URA said. Another 25,841 units (including ECs) are expected to be
completed in 2016.
Source: CNA
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