Cooling measures ice Singapore’s private property prices in Q3

Prices of private residential properties edged up 0.5% for the third quarter, in a pace that is significantly slower than the 3.4% price increase in the previous quarter.

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The property cooling measures set by the Singapore government in July is seeing its icy effects on the private property market, as prices inched up only slightly for the third quarter, the months after the measures were made.

Prices of private residential properties edged up 0.5% for the third quarter, in a pace that is significantly slower than the 3.4% price increase in the previous quarter, data from Singapore’s Urban Redevelopment Authority (URA) showed.

Property Price Index Singapore

Non-landed property prices in the core central region (CCR) or city centre increased by 1.3%, compared with the 0.9% increase in the second quarter.

Meanwhile, other regions such as the outside central region (OCR) or suburbs and the rest of central region (RCR) or city fringes registered property price declines of 0.1% and 1.3%, compared with the 3.0% and 5.6% price gains in the previous quarter.

Prices of landed properties rose by 2.3% for the third quarter, easing from the 4.1% increase in the previous quarter.

Singapore_Property_Prices_Q3_Volume_Oct262018

For July to September, developers launched 3,754 uncompleted private residential units (excluding executive condominiums) , compared with 2,437 units in the previous quarter.

A total of 3,012 private homes, excluding executive condominiums were sold, higher than the 2,366 units sold in the previous quarter.

As at the end of the third quarter, there was a total supply of 50,330 uncompleted units (excluding executive condominiums) in the pipeline with planning approvals, compared with the 45,003 units in the previous quarter.

Most Singapore property stocks opened lower for trading on Friday.

At 9.30am, Singapore time, City Developments Limited was down 0.25% or S$0.02, at S$7.98, while CapitaLand fell by 0.33% or S$0.01, at S$3.04. UOL Group fell 0.33% or S$0.02, at S$6.08.

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