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Friday, October 23, 2020 – 8:39 am
UPDATED on Friday, October 23, 2020 – 5:58 pm
The Urban Redevelopment Authority (URA) said on Friday that its private home price index rose 0.8 percent in the third quarter of this year over the previous three months. This is identical to the preliminary estimate published earlier this month.
It follows the 0.3% quarter-on-quarter gain in the index in the second quarter of 2020.
The index is now up 0.65 percent from a year earlier.
Prices for rented homes rose 3.7 percent quarter-on-quarter in the third quarter, after remaining flat in the prior quarter.
Prices for landless homes rose 0.1 percent, after rising 0.4 percent in the previous quarter.
Giving a breakdown by region, URA said landless home prices in major areas or the central central region (CCR) declined by 3.8%, in contrast to a 2.7% increase in the second quarter.
In the periphery of the city or the rest of the central region (RCR), prices rose by 2.5%, in contrast to the 1.7% fall in the previous quarter.
In the suburbs or outside the central region (OCR), prices rose 1.7% after rising 0.1% in the previous quarter.
URA said private home rents fell 0.5 percent on a quarterly basis in the third quarter, a minor decline compared to a 1.2 percent decline in the prior quarter.
Real estate rents fell 0.1 percent in the third quarter, less than the 2.3 percent decline in the previous quarter.
Non-real estate rents were down 0.6 percent, after declining 1.1 percent in the prior quarter.
By region, rents for private non-real estate homes in the CCR fell 2.1% in the third quarter of 2020, after falling 0.6% in the second quarter.
In the RCR, rents were up 0.3 percent, in contrast to a 1.9 percent decline in the second quarter.
In OCR, rents were up 1 percent, after falling 0.9 percent in the prior quarter.
Developers released 3,791 unfinished private housing units (excluding executive or EC condos) for sale in the third quarter, compared with 1,852 units in the prior quarter. ECs are a hybrid of public-private housing.
They sold 3,517 private homes (excluding the EC) in the third quarter, double the 1,713 units sold in the previous quarter.
In the third quarter, the developers did not release EC units for sale, but moved 164 EC units from previous releases.
They also did not launch EC units in the previous quarter, but did sell 71 EC units.
There were 3,467 private home resale transactions in the third quarter, approximately 3.7 times the 933 units traded in the prior quarter. Resale transactions accounted for about half (49.2 percent) of all sale transactions in the last quarter, up from 35 percent share in the second quarter.
At the end of the third quarter, there was a total supply of 50,369 unfinished private residential units (excluding the EC) pending with planning approvals, a slight increase from the 49,090 units in the previous quarter. Of this number, 26,483 units remained unsold at the end of the third quarter, compared to 27,977 units in the previous quarter.
After adding the supply of 4,104 EC units in the pipeline, there were 54,473 units in the pipeline with planning approvals. Of the EC units in the process, 2,244 units remained unsold. In total, 28,727 units with planning approvals (including CEs) remained unsold, down from 29,876 units in the prior quarter.
Based on the projected completion dates reported by the developers, 1,519 units (including CEs) are expected to be completed in the fourth quarter. Another 7,318 units (including ECs) are expected to be completed in 2021.
URA added that apart from the 28,727 unsold units (including ECs) with planning approval at the end of the third quarter, there is a potential supply of around 3,100 units (including ECs) from Government Land Sales (GLS) sites. ) that have not received planning approval. still.
The stock of completed private residential units (excluding the EC) increased by 404 units in the third quarter, compared to a decrease of 173 units in the previous quarter.
The stock of occupied private homes (excluding the EC) fell 2,605 units in the third quarter, compared to a 13-unit drop in the previous quarter. As a result, the vacancy rate for completed private housing units (excluding the EC) increased to 6.2% at the end of the third quarter, from 5.4% in the previous quarter.
Vacancy rates for private residential properties completed at the end of the third quarter in CCR, RCR and OCR were 9.2%, 7.4% and 4.2%, respectively, higher than 7.5%, 6.1% and 4% in the previous quarter.
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