Developers Sold More Executive Condominiums In Q2

SINGAPORE – In the market for new homes, developers launched 2,099 uncompleted, excluding executive condo or ECs, for sale in the second quarter, compared to the 1,189 units in the first quarter.

They sold 2,116 units (excluding Executive Condo), more than the 1,311 units sold in the first quarter.

Developers launched 480 executive condo units for sale in the second quarter and sold 439 executive condo units over the same period, more than the 326 units sold in first quarter.

The overall private residential property index fell by 0.9 per cent in the second quarter compared with the first quarter, according to final figures from the Urban Redevelopment Authority on Friday.

waterwoods ec executive condo site photo 1

Private home prices have now fallen for seven continuous quarters, making it the longest losing streak in 13 years, as tighter mortgage curbs continue to cool demand,

Prices are now down 6.7 per cent from their peak in the third quarter of 2013.

Friday’s figure confirms the flash estimate given by the URA a month ago.

Prices slipped to the 1.0 per cent in the first quarter and are down 3.7 per cent from a year back.

URA also said on Friday that rentals of private residential properties fell 1.1 per cent in the second quarter, after a 1.7 per cent decline in the previous quarter.

URA said prices fell across all segments of the private home market.

Prices of non-landed properties fell 0.6 per cent in the prime or Core Central Region (CCR), more than the 0.4 per cent decline in the previous quarter. Prices in the city frimge or Rest of Central Region (RCR) declined by 0.6 per cent, compared to the 1.7 per cent decline as in the previous quarter. In the suburban areas or Outside Central Region (OCR), prices declined by 1.1 per cent, the same as in the previous quarter.

Prices of landed properties fell by 1.0 per cent, more than the 0.9 per cent decline in the previous quarter.