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Market resilience driving sales momentum in every residential segment for the second quarter.
Singapore Property Market News and Analysis


Latest Property Real Estate News - Published on 26/07/2019

2Q 2019 URA / HDB Real Estate Statistics

Market resilience driving sales momentum in every residential segment for the second quarter.

Private New Home Sales Volume

A total of 2,350 private new homes were sold for the second quarter of 2019. This reflects a 27.9% (q-o-q) increase in the number of units sold as compared to the previous quarter.

Mr. Ismail mentioned that “Amidst the presence of underlying global uncertainties and trade tensions, the stable nature of the residential property market remains a silver lining and driving sales momentum in the second quarter. This can be attributed to a slew of new launches and rightly priced projects captivating the interest of buyers and investors. A trend that we expect to continue for the remainder of the year, with momentum and demand staying resilient. Furthermore, based on our analysis, RCR was the best performing market segment, with an increase of 27.7% for the first 6 months of 2019, as compared to the corresponding time period in 2018.”

Mr. Ismail predicts that the private new sale segment will likely cross the 9,000 mark for the entire year.

Private Resale Volume

2,371 private resale transactions occurred in the second quarter of 2019, a 27.6% (Q-o-Q) increase as compared to the first quarter of 2019, which recorded 1,858 private resale transaction.


Mr. Ismail mentioned that “Traditionally, the sales performance of the second quarter of the year tends to outperform the first quarter. However, the resale market is relatively weakened for this year as compared to the second quarter of 2018. As the effects of the property cooling measures were largely felt in the resale market, causing a change in the sentiment towards these properties. With owners postponing and holding off the decision to sell their properties in this uncertain economic climate.”

For the resale segment, Mr. Ismail foresees that, it will be 8,500 to 9,000 units in 2019.

Private Home Prices

Private home prices in Singapore increased by 1.5% in the second quarter of 2019, as compared with -0.7% drop in the first quarter of 2019.

Mr. Ismail highlighted that “This is the highest price change since the implementation of the property cooling measures. We envision that the prices will grow between +1% to +2% for the year. While, for the overall private residential transactions (new sales, resale and sub-sales), we are anticipating that it will be likely around 18,000 transactions for the whole year.”

PUBLIC HOUSING:


A total of 6,276 number of HDB resale transactions occurred in the second quarter of 2019. This was a 29.8% (Q-o-Q) rise as compared to the first quarter of 2019, which recorded 4,835 HDB resale transactions. Additionally, this is a 6.8%increase for the 6 months of 2019, as compared with the same time period in 2018, which recorded 10,399 HDB resale transactions. The HDB resale flat prices had a price change of -0.2% in the second quarter of 2019. The HDB resale price index reached 130.8 a drop from 131.0 in the first quarter of the year.


Mr. Ismail stated that “The public housing market retained its stability, with most transactions occurring at the valuation price or below. Demand has remained strong, primarily due to HDB resale flats being more appealing for newly-wed couples who are looking for an immediate home to settle down, instead of waiting for a completion of a BTO flat. We are expecting that the HDB resale transaction volume, will be within
the range of 23,000 to 24,000 for the whole year. In terms of prices, we foresee that the HDB resale price index will be between -1% to +1% price growth for the year.”



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