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Singapore Property Prices

Category for discounts or change in pricing of properties in Singapore.

Private Non-Landed Residential Property Prices in Singapore Fell 4% in 2014

Sectional Perspective 900

Cutout View of the Upcoming Northpark Residences and Northpoint City in Yishun

 

On Friday, Jan 23, 2015, it was reported in the media that private residential property prices fell just 4% in 2014. The decline was 1.5% just in the last quarter of 2014 and 0.7% in the quarter before that. This makes a total of 5 quarters of straight declines. The continued decline, the number of units in the pipeline and talk in the media about increases in interest rates going forward must surely be on the minds of would be investors.

Since 2008 or over a 6 year period, this is the first year of decline in prices. 2013 saw a modest 1.4% increase in prices. Declines were across all districts. for non-landed private residential property the changes can be summarized as follows:

Non Landed Non Landed Non-Landed
Area % change 4Q2014 % Change 3Q2014 % Change 2014
CCR or Core Central Region -0.9 -0.8 -4.1
RCR or Rest of Central Region -1.4 -0.4 -5.3 
OCR or Outside Central Region  -0.8 -0.3  -2.2 
Overall -4%

 For landed private residential properties, the numbers were also negative:

% change 4Q2014 % Change 3Q2014 % Change 2014
-1.3 -1.8 -5.3

How about rentals? Well, rentals have also declined significantly from 2013.

% change 4Q2014 % Change 3Q2014 % Change 2014 % Change 2013
-1 -0.8 -3 -0.9

With the decline in prices, the number of units sold declined especially when comparing the whole of 2014 with 2013. This can be interpreted as more people waiting at the sidelines for prices to drop further or that the cooling measures have deterred purchase of new properties.

Units Sold 4Q2014 Units Sold 3Q2014 Units Sold in 2014 Units Sold in 2013
1376 1531 7316 14948

The negativity is similar reinforced by the number of units launched in 2014 compared with the year before.

Launches in 2014 Launches in 2013
7693 15885

The big question in everyone's mind? Will 2015 see a turnaround?

Thanks for reading,

SGPropertySource Team

References:

Singapore private home prices fall 4 per cent in 2014 - AsiaOne Business

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The Skywoods Towers

Interested in The Skywoods but holding out for a lower price? The developer of The Skywoods is offering an additional 3% discount for a total of 28% discount on 10 star buy units. The star-buy units range from $706k to $1.58 million after discount for 1-4 bedroom units. Contact Faith at 97323160 for additional details and to make arrangements to view the showflat.

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The promotional prices introduced from Aug 31 led to several penthouses sold during the weekend. Promotion ends this Wednesday. Some units offered close to 1000psf for freehold! Don't miss out. Call me at 97323160 or send me an email at faithchngsb@gmail.com.

Cambio Suites width 350

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