Singapore Property News
Posted by Singapore Property Match on January 5, 2010
Private residential prices rise 1.7% in 2009
Private home prices rose 1.7 per cent overall in 2009, despite the recession, according to preliminary estimates by the Urban Redevelopment Authority. Prices of new homes in suburban areas outperformed the rest, rising at 11.2 per cent for the full year. However, market watchers said the demand and supply of these mass market homes are likely to ease this year. Their prices will also rise at a slower pace at between 3 per cent and 6 per cent. In contrast, high end homes are expected to fare better in 2010, with room for price increases. Analysts projected prices of luxury and mid-tier apartments to rise 20 per cent to 25 per cent in the next 12 months.
Source : Channel NewsAsia – 4 Jan 2010
HDB resale prices climb 3.8% to hit record high in Q4 2009 Posted by luxuryasiahome on January 4, 2010 Prices of resale Housing and Development Board (HDB) flats rose 3.8 per cent in the fourth quarter of 2009, reaching the highest level since 1990, when records of such data began. The Resale Price Index of public flats stood at 150.7 in the fourth quarter of last year. But some said that spiralling prices will not deter potential buyers. Despite the record high prices, one real estate consultant said prices of most of the larger HDB units have not increased dramatically. Donald Han, managing director, Cushman & Wakefield said: “If you look at the overall pricing for the four- and five-room flats, they are all still within the norm, and very much far apart from the kind of headline transaction news that you get of about S$700,000, S$800,000 in that sense.” According to some others, resale flats have strong potential to rise further due to demand from newly formed families and permanent residents. Nicholas Mak, real estate lecturer, Ngee Ann Polytechnic said: “Going forward the case of price growth is not going to be 3 to 4 per cent every quarter. Otherwise, we could see very high unsustainable levels for the HDB resale market. “It is more likely going to grow at a pace of between, perhaps eight to maybe as high as 15 per cent for the whole of 2010.” The HDB said it will continue to launch more Build-to-Order (BTO) projects this year, if there is a sustained demand for new flats. And it said it will continue to ensure that there is an adequate supply of flats to meet the prevailing housing needs. For a start, 1,300 BTO flats in Choa Chu Kang and Hougang will be offered for sale on Tuesday. But it will take up to four years before the BTO flats are ready. So for those who cannot wait, resale flats are one option, thereby, driving up demand and prices. The HDB will release its detailed resale price data and public housing data for the fourth quarter on January 22.
Source : Channel NewsAsia – 4 Jan 2010
Singapore’s private home prices rose 7.3 per cent in the fourth quarter of 2009,
compared to the previous three months. This is according to flash estimates released by the Urban Redevelopment Authority (URA) on Monday. The pace has slowed from the near 16 per cent increase in the third quarter and the main rise was in the city fringe area where prices rose 9.5 per cent. This was followed by a 7.1 per cent rise in the prime districts and 5.8 per cent in outlying areas. For the whole of 2009, private property prices rose 1.7 per cent.
Source : Channel NewsAsia – 4 Jan 2010
Prices of Housing and Development Board (HDB) flats are at their highest on record. According to preliminary estimates from the HDB on Monday, the Resale Price Index of public flats stood at 150.7 in the fourth quarter of 2009 – highest on record since data was compiled in 1990. Estimates show that prices of resale flats rose 3.8 per cent in the last three months of 2009, the fastest pace of growth since the third quarter of 2008. For the whole of last year, prices of resale flats rose about 8 per cent. HDB said flat buyers can look forward to 1,300 build-to-order (BTO) flats in Choa Chu Kang and Hougang, which will be offered for sale on Tuesday. The housing board said it will continue to launch more BTO projects this year if there is sustained demand for new flats, and will ensure that there is an adequate supply of flats to meet prevailing housing needs. The HDB is due to release detailed resale price data and public housing data for the fourth quarter on January 22.
Source : Channel NewsAsia – 4 Jan 2010
The improving market condition has prompted Singaporeans to return to investing, but they are also more cautious than before. These are among the findings from the latest Citi Financial Quotient (Fin-Q) Survey 2009, which garnered 400 Singapore respondents for the annual survey. According to the survey, 13 per cent of the respondents who had stopped investing during the financial crisis have now resumed investing, and 31 per cent are now open to it once the right opportunity arises. A further 36 per cent of the respondents said they have stayed invested throughout the crisis, while 21 per cent of the respondents continue to prefer holding their savings in cash or near-cash equivalents. For investors or those open to investing, the survey findings also suggested a return in risk appetite. Topping the list of preferred investments for this group were equity instruments, with 54 per cent opting for stocks as part of their portfolios and 28 per cent preferring unit trusts. 20 per cent of the respondents also indicated that they will look into buying property for future sale or rental yield as an investment. At the same time, the willingness to invest is balanced with an increased level of cautiousness. 25 per cent of the respondents said they were a lot more cautious, while 42 per cent indicated that they were a little more cautious in their investment decisions. This is in line with the finding that just 39 per cent believe the worst of the global financial crisis is behind us. Mr Shrikant Bhat, head of wealth management, Citibank Singapore, said that investors are increasingly asking questions and making informed investment decisions. They are also likely to build a holistic portfolio over a longer-term horizon, added Mr Bhat. The survey in Singapore highlighted that the top three financial concerns of residents are rebuilding their savings, meeting monthly expenses and increasing retirement savings.
Source : Channel NewsAsia – 4 Jan 2010
