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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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Posted by on in Property News

Dual Key Units

What are dual key units? In 1986, the HDB introduced units configured as a studio unit plus the main flat. The intention was to encourage multi-generational families to live under one roof. In 2009, Caspian Condo was the first to introduce the concept to the private residential market. Today, dual-key units can be found in both private and executive condos.

The Straits Times in this article "Developer 'still keen'on dual-key units" published on May 20, 2014 stated that the proportion of large residential projects offering dual key units has risen over recent years: 2011: 3.4%, 2013: 7.5%.

What do dual-key units offer? Basically a dual key layout has two subunits sharing the same foyer. The subunits can be self contained or consist of one full unit with an attached room. For couples, it offers a way to live next to your parents while maintaining some privacy. For others, one sub-unit can be used to generate rental income without loss of privacy.

According to the same article, dual-key units command a premium but this has dropped from 16% at its peak in 2012 to 12% max last year. The take-up rate has also dropped from 84% to 58%. Despite of these stats, dual-key units will appeal to young couples who would also like to be their parents or to investors who see such units as a way to generate another income or to help pay their property loans. Indeed, both units can be rented out to generate even more income. 

All potential buyers of any kind of property should first visit their banker and understand how much they can loan in the light of the TDSR cooling measure. This will help ground their expectations and narrow the range of properties or units that they can invest in. As previously mentioned in this blog: http://sgpropertysource.com/property-news/entry/one-in-three-home-buyers-do-not-understand-tdsr.html. 1 in 3 buyers do not understand the TDSR and its going to save them a lot of time if they make an upfront assessment of the maximum amount they can loan.

Some properties launched or to be lauched with dual key units include:

The Crest @ Tanglin

Coco Palms

RiverTrees Residences

Sunnyvale Residences

Guillemard Suites

Highline Residences

Liv on Wilkie

WhiteHaven

Bentley Residences

The Tembusu

dual key

 

 

 

 

 

 

 

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