Updated: 04/27/2013 00:50

Private residential property prices rose 0.6% in first quarter of 2013; rental go up by 0.8% : URA



Private residential property prices rose 0.6% in first quarter of 2013; rental go up by 0.8% : URA

Prices of private residential properties rose by 0.6 per cent in the first quarter of 2013, compared to the 1.8 per cent price growth recorded in the fourth quarter of 2012. 

This is according to the latest data from the Urban Redevelopment Authority (URA). 

Rentals of private residential properties went up by 0.8 per cent in the first three months of this year, which was marginally higher than the 0.7 per cent in Q4 of 2012. 

Developers launched 5,546 uncompleted private residential units excluding Executive Condominiums or ECs for sale in the first quarter of 2013. 

This is higher than the 3,408 units in Q4 of 2012. 

URA said developers sold 5,412 private residential units in the first quarter of 2013, compared to 4,353 units in Q4 of 2012. 

No new EC units were launched for sale in the first three months of this year. 

Developers sold 725 EC units in the first quarter of 2013, which is less than half the 1,682 units sold in Q4 of 2012. 

The volume of resale transactions dropped sharply from 3,447 units in Q4 of 2012 to 1,871 units in the first quarter of 2013. 

Resale transactions fell to 24.5 per cent from 40.8 per cent in the previous quarter. 

As at the end of the first quarter of 2013, URA said there are 100,561 private residential and EC units in the pipeline. 

The figure comprises 88,623 uncompleted private residential units of which 35,564 units remained unsold) and 11,938 EC units. 

URA said another 9,920 units from Government Land Sales sites will soon be added to the pipeline supply. 

That would bump up the overall pipeline supply to 110,481 private housing and EC units. 

URA added that 18,400 units will be completed this year based on the expected completion dates indicated by developers.

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