Singapore private home prices fall 1% in Q1 q-o-q: URA

SINGAPORE private home prices fell 1 per cent in Q1 2020 against the previous quarter, said the Urban Redevelopment Authority (URA) on Friday.

The 1 per cent dip in the first quarter of 2020 was better than the 1.2 per cent fall in the flash estimate released on April 1.

This contrasts with an increase of 0.5 per cent quarter on quarter in Q4 2019.

Year-on-year prices rose 2.4 per cent.

Prices of non-landed properties decreased by 1 per cent in Q1 2020, compared with the 0.3 per cent drop in the previous quarter.

Giving a breakdown by region, the URA said that prices of non-landed properties in core central region fell 2.2 per cent in Q1, compared with the 2.8 per cent drop in the previous quarter. Prices of non-landed properties in the city fringe or rest of central region dipped 0.5 per cent, compared with the 1.3 per cent fall in the previous quarter.

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Prices in the suburbs or outside central region declined 0.4 per cent, compared with the 2.8 per cent increase in the previous quarter.

The URA also said that prices of landed properties fell 0.9 per cent in the first quarter of this year, after rising 3.6 per cent in the fourth quarter of 2019.

Rentals of private residential properties edged up 1.1 per cent in Q1 2020, compared with a fall of 1 per cent in the previous quarter.

Developers launched 2,093 uncompleted private residential units excluding executive condominiums (ECs) for sale in Q1 2020, compared with 2,226 units in the previous quarter.

They sold 2,149 private residential units (excluding ECs) in Q1, compared with the 2,443 units sold in the previous quarter.

Developers launched 1,044 EC units for sale in Q1, and sold 590 of such units in the quarter. In comparison, they did not launch any EC units and sold 59 EC units in the previous quarter.

As at the end of Q1, there was a total supply of 48,868 uncompleted private residential units (excluding ECs) in the pipeline with planning approvals, compared with the 49,173 units in the previous quarter. Of this number, 29,149 units remained unsold as at the end of Q1, compared with the 30,162 units in the previous quarter.

After adding the supply of 3,613 EC units in the pipeline, there were 52,481 units in the pipeline with planning approvals. Of the EC units in the pipeline, 1,950 remain unsold. In total, 31,099 units with planning approvals (including ECs) remain unsold, down from 32,272 units in the previous quarter.

Based on the expected completion dates reported by developers, 5,134 units (including ECs) will be completed in the remaining three quarters of 2020. Another 10,816 units (including ECs) will be completed in 2021.