Despite Q3’s decline, multi-year up-cycle in private home prices will continue

PRIVATE home prices fell in the latest quarter. The private residential property price index by the Urban Redevelopment Authority (URA) declined 0.7 per cent quarter on quarter in Q3. This is one of two instances when the index fell over the last 18 quarters.

However, major condo launches this month fared well. High-end project Meyer Blue in District 15 by UOL Group and Singapore Land Group (SingLand) sold over half of its units at its launch weekend, at an average price of S$3,260 per square foot (psf).

Suburban project Norwood Grand in Woodlands by City Developments Ltd sold 84 per cent of its 348 units, over its launch weekend, at an average price of S$2,067 psf.