Demand picked up as developers sold more?

SINGAPORE: The prices for private residential properties decreased by 0.4 per cent in the second quarter of this year, compared to the 0.7 per cent decline in the previous quarter, according to figures released by the Urban Redevelopment Authority (URA) on Friday (Jul 22).

Developers had launched 2,371 uncompleted private residential units, excluding Executive Condominiums, for sale in the second quarter, compared to 953 units in the previous quarter. Upcoming executive condo include Treasure Crest and Northwave EC while existing ones include The Terrace EC, Brownstone EC, The Visionaire EC, Parc Life EC , Waterwoods EC, Signature at Yishun, Skypark Residences, Wandervale EC, The Vales EC, The Criterion EC, The Amore EC,  Bellewaters EC, Bellewoods EC.

The prices of landed properties declined by 1.5 per cent, compared to the 1.1 per cent decline in the previous quarter, while non-landed property prices dipped 0.1 per cent compared to the previous quarter’s 0.6 per cent, it said.

Rental prices for these properties also dropped 0.6 per cent in the second quarter, the figures showed.

Supply aside, demand also picked up as developers sold 2,256 private residential units, excluding ECs, compared to the 1,419 units sold previously, URA said.

As for ECs, developers launched 1,260 units for sale in the same quarter, and sold 1,105 units. This was an increase from the 534 units launched and 762 units sold in the previous quarter, according to the figures.

DROP IN PRICES FOR OFFICE, RETAIL SPACES

For office space, prices fell by 1.5 per cent in the second quarter. Rentals of office space also fell by 3.5 per cent in this quarter, compared to the 2.1 per cent dip in the first quarter of the year, URA figures showed.

Meanwhile, prices for retail space fell by 3.1 per cent in the second quarter, following a 1.9 per cent dip in the previous quarter. Rentals of retail space also fell by 3.9 per cent in the second quarter, compared to the 1.9 per cent drop in the first quarter, it added.

In terms of the amount of retail space available, URA said the island-wide vacancy rate rose to 7.8 per cent at the end of the second quarter, from 7.3 per cent at the end of the previous quarter.

executive condo photo 2