Singapore private home prices remain ‘broadly flat’ in third quarter: URA flash estimates

The prices of non-landed private residential properties went up by 2.1 per cent, compared to the 0.6 per cent decrease in the previous quarter.

The increase was due to higher prices in the Rest of Central Region (RCR) and Outside Central Region (OCR), where it increased by 2.3 per cent and 5.1 per cent respectively.

Ms Christine Sun, OrangeTee & Tie’s senior vice president of research and analytics, pointed out that “most of the new launches were from OCR and RCR last quarter; thus, prices rose faster in these two segments”.

She noted that the new launches in OCR include Lentor Hills Residences, The Myst, The Lakegarden Residences and The Arden, while those in RCR include Grand Dunman and Pinetree Hill.

Singapore Realtors Inc’s head of research and data analytics Mohan Sandrasegeran said there was more interest garnered for the new launches in the third quarter of 2023, with developer sales in July surging to a total of 1,412 units.

“This resurgence was primarily driven by the launch of several noteworthy projects throughout the third quarter, which injected a much-needed vibrancy in the new sales segment,” he said.

Prices in the Core Central Region (CCR) fell further by 2.6 per cent in the third quarter, from the 0.1 decline in the previous quarter.

The latest property cooling measures in April “had a greater impact on the CCR as the proportion of foreigners buying residential properties tends to be higher”, said Huttons Asia’s senior director for research Mr Lee Sze Teck.

The Additional Buyers’ Stamp Duty (ABSD) has cooled interest from foreigners, said ERA Singapore CEO Mr Marcus Chu.

“Furthermore, some buyers have postponed their homebuying plans during the Hungry Ghost Festival that took place from mid-August for a month.”

Edmund Tie’s head of research and consulting Mr Lam Chern Woon also noted the impact of the added ABSD for foreigners, and added that the recent billion-dollar money laundering case “has also dampened market sentiment in this segment”.