Singapore Property Market Trends

Singapore Region Map:

Private Residential Property Index Decreased by 1.2% Compared to the 0.5% Increase in the Previous Quarter

Source: URA

On 1 April 2020, the Urban Redevelopment Authority (URA) has published the 1st Quarter 2020 flash estimate of the price index for private residential properties.

As a whole for 1st Quarter 2020, we are seeing a 1.2% decrease in the private residential property index as compared to 4th Quarter 2019.  There is a slight drop of 1.8 points to 151.8 points in 1st Quarter 2020. The price index has decreased to a level last seen a year ago.

There are different price changes when we look into the non-landed property price index by Core Central Region (CCR), Rest of Central Region (RCR) and Outside Central Region (OCR).  CCR prices decreased further by 1.5% in 1st Quarter 2020 versus 2.8% decrease in 4th Quarter 2019. RCR Prices decreased further slightly by 0.5% in 1st Quarter 2020 versus 1.3% decrease in 4th Quarter 2019. OCR prices decreased by 1.0% in 1st Quarter 2020 as contrast to the 2.8% increase in 4th Quarter 2019.

The quarterly flash estimates are compiled based on transactions submitted up to mid of March 2020.  URA will release the full transactions statistics in end Apr 2020.  Readers are advised to interpret the flash estimates with caution.

Resale Prices and Volumes Increase 0.1% and 17.0% Respectively in March 2020

Source: SRX

Based on SRX Price Index for Non-Landed Private Residential Resale:

In March 2020, the prices in Core Central Region and Rest of Central Region decrease by 0.1% and 1.7% respectively while the prices in OCR increase by 1.3% as compared to February 2020.  The overall prices increase by 0.1% as compared to prior month.

Year-on year, prices in CCR and OCR increase by 1.0% and 0.7% while RCR prices decrease by 0.8%.  The overall prices increase by 0.4% as compared to last year same month.

In March 2020, there is an estimated 709 resale units sold versus 606 units sold in February 2020.   There are an increase of 17.0% sales volume.

Year-on-year for resale volume, sales decreased by 3.0% as compared to March 2019.  By regions for the sales volume composition, CCR, RCR and OCR contributes 19.6%, 22.9% and 57.5% respectively.  Thus the sales volume in March 2020 is mainly contributed by OCR sales.

Current Hot Launches by Developers

The Q1 hot launches projects including executive condominiums are achieving relatively good sales volume in the midst of Covid-19 and managed to sell approximately 1/3 of the total units (1,012 out of 3,022) in the Q1 launched projects.  This is mainly due to the high sales volume in The M (389 sold), Parc Canberra (355 sold) and Ola (170 sold).  Other previously launched projects achieving more than 20 units sold for the month are Jadescape, Treasure at Tampines, Parc Esta, The Florence Residences, Riverfront Residences, Piermont Grand, Parc Clematis, Affinity at Serangoon, Parc Botannia and Stirling Residences.

Hot New Launches

Kopar at Newton
Parc Clematis
Treasure at Tampines
The M
Parc Esta
Affinity at Serangoon
The Florence Residences
Riverfront Residences

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