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Thread: Singapore condo resale prices ease further in July: SRX

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    Default Singapore condo resale prices ease further in July: SRX

    Singapore condo resale prices ease further in July: SRX

    Volume of sales climbed 32.2 per cent in July, with 882 units resold versus 667 units transacted in June

    Thu, Aug 15, 2019

    FIONA LAM


    RESALE prices of condominium units in Singapore dipped again in July for the second consecutive month, while volume of sales surged by almost one-third, according to monthly figures from real estate portal SRX Property on Wednesday.

    Overall condo resale prices were down 0.5 per cent in July from the previous month. June had seen a 0.4 per cent decline from the peak in May, breaking an upward trend that had lasted four months.

    Prices in the city fringes, or rest of central region (RCR), posted the biggest drop of 1.1 per cent in July, while prices for the suburbs or outside central region (OCR) retreated 0.3 per cent.

    Prices in the core central region (CCR) inched down by 0.1 per cent month on month.

    The softer prices in all three market segments of CCR, RCR and OCR could be due to the increase in supply of new homes, said OrangeTee & Tie's head of research and consultancy, Christine Sun.

    "Many new projects were launched in recent months, and the rising competition for potential buyers probably caused some sellers to lower their asking prices for their resale homes," Ms Sun said.

    Volume of sales climbed 32.2 per cent in July, with 882 units resold versus 667 units transacted in June.

    Year on year, however, volumes were 19.8 per cent lower, as July 2018 saw "unusually high activity" ahead of the introduction of cooling measures, SRX said.

    Nonetheless, volumes in July this year were 11.1 per cent higher than the five-year average volume for the month of July.

    "Last month's increase in resale volume could be seasonal as similar trends were observed in 2016 and 2017, where sales were higher in July compared to June," OrangeTee's Ms Sun said.

    The pickup in sales in July could largely be attributed to more buyers returning to the market after the June holidays in Singapore, she added.

    The most expensive condo unit resold last month was in Boulevard Vue on Cuscaden Walk, where a high-floor unit was transacted at S$17.5 million. The freehold condo is located in District 10 in the CCR.

    In the city fringes or RCR, the highest transacted price in July was S$4.2 million for a unit at Dakota Residences, a 99-year leasehold condo on Dakota Crescent in District 14.

    Meanwhile, the highest transacted price in the suburbs or OCR was S$3.3 million for a unit at Bayshore Park, a 99-year leasehold property along the East Coast Parkway.

    SRX's overall median transaction over X-value (TOX) was negative S$10,000 in July, implying buyers had underpaid by that amount. In June, TOX was positive S$10,000.

    TOX measures how much a buyer is overpaying (positive value) or underpaying (negative value) for a property based on SRX's computer-generated market value. The data only includes districts with more than 10 resale transactions.

    The highest median TOX was recorded in District 7's Beach Road, Bugis and Rochor at positive S$26,000, followed by District 13's MacPherson and Potong Pasir at positive S$22,000.

    The lowest median TOX was in District 5's Buona Vista, West Coast and Clementi at negative S$35,000, followed by District 22's Boon Lay, Jurong and Tuas at negative S$33,000.

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    Default Re: Singapore condo resale prices ease further in July: SRX

    Singapore condo rents recover slightly in July; HDB rents stable: SRX

    Number of units leased also up month-on-month for both condos and HDBs

    Fri, Aug 16, 2019

    FIONA LAM


    RENTS of condominiums in Singapore inched up in July after two straight months of decline, while those of HDB flats held largely steady from June, according to monthly flash data from real estate portal SRX Property released on Thursday.

    The number of units leased also saw a month-on-month increase for both condos and HDBs.

    For non-landed private homes, overall rents last month improved 0.8 per cent from June, and were up 2.7 per cent on a year-on-year basis. Previously, condo rents had dipped 0.2 per cent month on month in both June and May.

    By location, July's condo rents rose across the board, with the core central region (CCR) posting the largest rise of 1.1 per cent from June, followed by the suburbs or outside central region (OCR) with a 1 per cent growth and the city fringes or rest of central region (RCR) up 0.3 per cent.

    Christine Sun, head of research and consultancy at OrangeTee & Tie, said: "Rents for non-landed private homes in the CCR increased the most compared to the other segments. This could be due to both supply and demand factors

    "The current stock of completed luxury homes has decreased since some developments were demolished to make way for newer projects after the recent collective-sales cycle."

    "There also seems to be more professionals and corporate executives entering the market lately who prefer to rent a luxury home in the prime districts," she added.

    The current tenant mix for condos appears to be from Malaysia, Europe, Australia and East Asia including Taiwan, South Korea and China, based on OrangeTee's observation.

    "Rental demand (for non-landed private homes) is expected to remain robust, as the third quarter usually sees more expats signing or renewing contracts before the year-end holidays," Ms Sun said.

    Volumes of condos leased grew 13 per cent on a monthly basis, with 5,408 condo units rented in July as compared to 4,785 units in June.

    Last month's volumes for condos were also 18.2 per cent higher than the five-year average for the month of July. It is also above the 12-month average of 4,782 units from July 2018 to July 2019, indicating that rental demand is "very healthy", said Ms Sun.

    As for public housing, overall rents for HDB flats were unchanged in July, slipping marginally by 0.08 per cent from June.

    Ms Sun expects overall HDB rents to continue to hold steady or fall slightly in the coming months, on the back of the increasing supply of HDB flats reaching their five-year minimum occupation period which will make them eligible for rent.

    In terms of flat sizes, three-room and executive HDB flats saw rents rise by 1 per cent and 2.5 per cent respectively in July from June. Four-room and five-room flats' rents fell 0.9 per cent and 0.5 per cent respectively.

    In non-mature estates, HDB rents edged up by 0.4 per cent month on month, while those in mature estates dropped by 0.4 per cent.

    Volumes of HDB units leased increased by 4.9 per cent month on month, with 1,962 rented in July versus 1,870 flats in June.

    Year on year, HDB rental volumes fell 2.7 per cent. But last month's volumes for HDB flats were 6.1 per cent higher than the five-year average for the month of July.

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