Results 1 to 2 of 2

Thread: Private apartment resale prices down 2.1%

  1. #1
    Join Date
    Oct 2011
    Posts
    10,829

    Default Private apartment resale prices down 2.1%

    http://www.straitstimes.com/business...prices-down-21

    Private apartment resale prices down 2.1%

    Jan 13, 2016

    Rennie Whang


    Resale prices of private apartments fell at a slower pace last year compared with 2014, according to data out yesterday.

    They were down 2.1 per cent for the full year compared with a 4 per cent fall in 2014, according to flash estimates from SRX Property.

    This suggests owners are not pressed to sell while prices may have found some support on the back of fewer new sale offerings.

    Still, the overall resale market remains muted due to a gap in price expectations between buyers and sellers, said Mr Nicholas Mak, SLP International executive director.

    The number of private apartment resales rose about 22 per cent to 4,999 last year, but this was still below the 5,473 resales in 2013 and 10,598 in 2012.

    An apparent slowdown in price declines also seems to fly in the face of various high-profile sales where significant losses were recorded last year, said Mr Ku Swee Yong, Century 21 chief executive.

    For example, St Regis Residences recorded eight unprofitable sales in the first half of last year, with losses ranging from $542,300 on a four-bedder to $4.78 million on a four-bedroom penthouse.

    Still, this trend seems to mirror that in the Urban Redevelopment Authority's property price index, which fell an estimated 3.7 per cent last year compared with a decline of 4 per cent in 2014, according to recent flash estimates.

    Buyers may be returning to the market as there does not appear to be much indication that cooling measures will be tweaked while sellers in both the new sale and resale sectors do not seem inclined to trim prices by much.

    SRX Property said private apartment resale prices fell 0.8 per cent from November after rising 0.6 per cent in October.

    "We attribute this to monthly price fluctuations, which could go in either direction, but are expected to be small in magnitude," said ERA Realty key executive officer Eugene Lim.

    "The general downtrend of prices is expected to continue, with demand being slow due to loan restrictions and rising interest rates," he added.

  2. #2
    Join Date
    Oct 2011
    Posts
    10,829

    Default Resale condo prices fall at slower pace in 2015

    http://www.businesstimes.com.sg/real...r-pace-in-2015

    Resale condo prices fall at slower pace in 2015

    But prices in suburbs eased at steeper rate of 4.1% last year, against 3.3% drop in 2014

    By Kalpana Rashiwala

    [email protected]

    @KalpanaBT

    Jan 13, 2016


    RESALE prices of non-landed private homes shed 0.8 per cent in December 2015 over the previous month, based on SRX Property's flash estimates released on Tuesday.

    This contrasts with a 0.6 per cent month-on-month gain in November.

    For the whole of last year, the index slipped 2.1 per cent; this pace of decline was about half the 4 per cent slide seen in 2014.

    The index performance last year was dragged by the suburbs or Outside Central Region (OCR) - where prices eased at a steeper pace of 4.1 per cent compared with the 3.3 per cent drop in 2014.

    On the other hand, the price trend reversed in the Core Central Region (CCR) and the city fringe or Rest of Central Region, posting gains in 2015 after easing in 2014.

    SRX's index for CCR appreciated 2.2 per cent last year after retreating 8 per cent in 2014. In RCR, the index advanced 1.5 per cent in 2015 following a drop of 4.8 per cent in 2014.

    Based on the December 2015 flash estimate, the overall price index for resale prices of non-landed private homes was down 7.8 per cent from the recent peak in January 2014.

    SRX Property estimated that 519 non-landed private homes were resold last month - 10 per cent higher than the 472 units resold in November 2015 and a 44.2 per cent year-on- year jump from the 360 units resold in December 2014.

    Resale volume was down by 74.7 per cent from the peak of 2,050 units resold in April 2010.

    ERA Realty key executive officer Eugene Lim highlighted that based on the SRX figures, the full-year 2015 transaction volume was 6,364 units - up nearly 28 per cent from 2014.

    "We notice more buyers turning to the resale market for their purchases - especially for owner-occupier buyers who are looking for units with larger floor areas, as units launched by developers tend to be smaller.

    "Moreover, motivated sellers in the resale market are generally more negotiable - resulting in a fair amount of bargain hunting among resale buyers," he added.

    This year, Mr Lim expects more activity in the resale market for non-landed private homes - as developers are expected to launch fewer new projects.

    Offering a different perspective, R'ST Research director Ong Kah Seng expects buying behaviour to remain sluggish for completed condos in the suburbs in 2016. "This is because HDB upgraders who are looking to purchase a private condo are typically very location-specific."

    On the price front, Mr Ong predicts a drop of about 3 per cent this year in overall resale prices of non-landed private homes. "The decline will be more pronounced at about 4 to 5 per cent in the OCR due to substantial number of private condos completing in suburban areas. In RCR, completed condos are expected to see fairly resilient, flattish pricing this year, while in the CCR, we could see a price decline of about 3 per cent," he added.

    OrangeTee.com senior manager, research and consultancy, Wong Xian Yang, noted that with loan curbs still in place, "buyers are very price- and quantum-sensitive and would only transact if they perceive a good deal on the market".

    "High volumes of completions this year will continue to dampen rents and weigh down prices. Pockets of opportunity are expected to appear ..."

    Mr Lim of ERA envisages that "the private housing market is still expected to face stronger headwinds as the weakening Singapore economy and rising interest rates come into the picture".

    SRX Property said the overall median transaction over X-Value (TOX) fell to negative S$5,000 last month from zero in November. The median TOX measures how much people are overpaying or underpaying against the computer-generated estimated market value or the so-called X-Value.

    Giving his take on this, Mr Lim said: "A difference of S$5,000 is rather marginal and this could well be the effect of the price negotiation ending in the buyer's favour. It is still a fair indication that most properties are sold at prices that are supported by valuation."

Similar Threads

  1. City-fringe resale condo, private apartment prices touch new high in October: SRX
    By thomastansb in forum Singapore Private Condominium Property Discussion and News
    Replies: 1
    -: 14-11-17, 16:05
  2. Private apartment resale prices rise in Jan
    By reporter2 in forum Singapore Private Condominium Property Discussion and News
    Replies: 0
    -: 12-02-16, 16:32
  3. 0.1% dip in private apartment resale prices last month
    By reporter2 in forum Singapore Private Condominium Property Discussion and News
    Replies: 0
    -: 20-10-15, 15:30
  4. Private apartment resale prices 'bottoming out'
    By reporter2 in forum Singapore Private Condominium Property Discussion and News
    Replies: 8
    -: 09-06-15, 10:38
  5. Private apartment resale prices dip again
    By reporter2 in forum Singapore Private Condominium Property Discussion and News
    Replies: 1
    -: 06-04-15, 19:55

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •