SINGAPORE (Apr 1): Singapore’s private residential property price index decreased by 0.9 percentage points to 148.7 points in 1Q19 from 149.6 points in 4Q18.

This was according to flash estimates by the Urban Redevelopment Authority (URA).

Prices of non-landed private residential properties decreased by 2.9% in Core Central Region (CCR), compared to the 1.0% decrease in the previous quarter.

Prices in the Rest of Central Region (RCR) decreased by 0.2%, after registering an increase of 1.8% in the previous quarter. Prices in Outside Central Region (OCR) were unchanged, following the 0.7% increase in the previous quarter.

The flash estimates are compiled based on transaction prices given in contracts submitted for stamp duty payment and data on units sold by developers up till mid-March.

The statistics will be updated on Apr 26 when URA releases its full set of real estate statistics for 1Q19.

Commenting on the estimates, Ismail Gafoor, CEO of PropNex Realty, says, “Under the current market conditions, developers have been strategically pricing their projects, sensitively at a lower price point. Thus, serving as a driving force for the overall price decrease of the private properties in the first quarter of this year. However, the cooling measures have been effective in its implementation, through curtailing runaway prices and minimising probable anomalies.”

“We are expecting that the market will remain relatively quiet, as more supply are beginning to come on stream in the form of new launches and unsold units. Hence, we are expecting prices for private properties to remain flat for the rest of the year,” adds Ismail.

 

Read also: