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Singapore private home prices down 1.1% in 4Q2014

January 23, 2015 9:09 AM SGT

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SINGAPORE (Jan 23): Singapore private home prices fell in 4Q2014 for the fifth straight quarter, sending prices for the full year down 4%, the first annual decrease since 2008.

Prices were down 1.1% q-o-q in the December quarter, according to data released today by the Urban Redevelopment Authority, more than the 1% decline projected by the government agency early this month and higher than the 0.7% drop in 3Q2014.

For the whole of last year, home prices were 4% lower, following a slew of measures by the government to cool down the property market.

Prices of non-landed properties in the core central region declined 0.9% during the October to December period, more than the 0.8% fall in 3Q2014.

Prices in the rest of the central region fell 1.4%, significantly more than the 0.4% drop in the previous three months.

Outside the central region, prices were down 0.8%, compared with a 0.3% fall in the earlier quarter.

Prices of landed properties were not spared, falling 1.3% but less than the 1.8% decrease in the previous three months.

Rentals of private residential properties were down 1% in 4Q2014, extending the 0.8% fall in 3Q2014.

For the entire year, rentals were 3% lower, compared with a 0.9% rise in 2013.

Developers launched 1,592 uncompleted private residential units, excluding executive condominiums, in 4Q2014, more than the 1,294 units in 3Q2014.

They sold 1,376 units during the quarter just ended.

A total of 7,693 units were launched for the whole year, down from 15,885 in 2013.

Only 7,316 private homes were sold in 2014, compared with 14,948 in the previous year.

As at the end of last year, there was a total of 68,960 uncompleted private residential units in the pipeline, of which 26,742 units were not sold.

Based on expected completion dates reported by developers, 24,796 units, including ECs, will be completed in 2015.

Another 25,717 units, including ECs, are expected to be completed next year.

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