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Prices of private homes fell 1.3%, HDB resale prices declined 0.3% in 3Q2015

By Tan Chee Yuen

/ The Edge Property |

October 23, 2015 1:53 PM SGT

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According to URA, overall prices of private homes declined faster by 1.3% q-o-q in the third quarter, compared to 0.9% in 2Q2015. On a y-o-y basis, prices have dropped 4.2% as at end of 3Q2015. This has been the eighth consecutive fall in quarterly prices. In Core Central Region (CCR), prices of non-landed properties dipped 1.2% while those in Rest of Central Region (RCR) and Outside Central Region (OCR) both declined by 1.6%.

Rents edged down 0.6% q-o-q, a smaller decline against 1.1% in the preceding quarter. Rents of non-landed properties slipped 0.4% in Core Central Region (CCR), 0.8% in Rest of Central Region (RCR) and 1.1% in Outside Central Region (OCR).

A total of 2,435 uncompleted private residential units were launched in 3Q2015, compared to the 2,099 units in the 2Q2015. Developers sold 2,410 private residential units (excluding ECs) in 3Q2015, compared to the 2,116 units sold in 2Q2015.

In the EC segment, developers launched 2,387 units for sale in 3Q2015 and sold 1,212 units over the same period.

As at end-3Q2015, there were 58,348 uncompleted private residential units (excluding ECs) in the pipeline, compared to the 61,237 units at end-2Q2015. A total of 22,456 units remained unsold. Vacancy rate moderated to 7.8% in 3Q2015 from 7.9% in the second quarter.

Separately, HDB resale prices fell 0.3% q-o-q and 3.2% y-o-y in 3Q2015 while resale transactions fell 7.4%. This marked the ninth consecutive quarterly fall in prices. In the rental market, the number of subletting approvals slipped 4.7% to 10,018 cases in 3Q2015 from 10,510 cases in 2Q2015.

8,039 BTO flats and 5,387 balance flats were offered by HDB 1H2015. HDB will ramp up the supply with another 7,000 BTO flats in Bidadari, Bukit Batok, Choa Chu Kang, Hougang, Punggol Northshore, and Sengkang next month. In addition, 5,000 flats will be offered in a concurrent Sale of Balance Flats exercise.

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