According to the Urban Redevelopment Authority (URA) media release on Friday (24 April), private home prices in Singapore dropped 1 per cent in the first quarter of the year against the last quarter.
This decline is less than the 1.2 per cent decline in the flash estimate published on 1 April. This is also in contrast with the increase by 0.5 per cent quarter-on-quarter in Q4 of last year. As for year-on-year prices, they increased 2.4 per cent.
Non-landed properties saw a decrease in prices by 1 per cent in Q1 last year, compared to the 0.3 per cent fall in the previous quarter.
Based the regional breakdown by URA, non-landed properties in the core central region saw a 2.2 per cent price decline in Q1, compared to the 2.8 per cent decline in the previous quarter.
In the city fringe or the rest of the central region, the prices of non-landed properties slipped 0.5 per cent, compared to the previous quarter with 1.3 per cent drop in prices.
In the suburbs or outside central region, prices fell 0.4 per cent compared to the 2.8 per cent rise in the previous quarter.
The prices of landed properties dropped 0.9 per cent in Q1 this year, following the 3.6 per cent increase in Q4 last year, URA reported.
As for private residential properties, the rentals increased 1.1 per cent in Q1 this year, compared to the 1 per cent drop in the previous quarter.
In the first quarter of 2020, 2,093 uncompleted private residential units were launched by developers for sale, but this excludes executive condominiums (ECs). The figure was less in the previous quarter at 2,226 units.
In addition, developers sold 2,149 private residential units (excluding ECs) in the first quarter, compared to the 2,443 units sold in the last quarter.
The number of ECs launched and sold in Q1 by developers was 1,044 units and 590 units. Comparatively, the previous quarter saw no launches of any EC units but 590 units were sold.
There was also a total supply of 48,868 uncompleted private residential units (excluding ECs) at the end of the first quarter. These units remain in the pipeline with planning approvals, in comparison to the 49,173 units in the last quarter.
From the figure, 29,149 units are unsold at the end of the first quarter, compared to the previous quarter with 30,162 sold units.
The net total units in the pipeline with planning approvals are 52,481 units with the addition of the 3,613 EC units in the pipeline. Of these units in the pipeline, 1,950 units are still unsold. The total units with planning approvals (including ECs) unsold are 31,099 units, which is less than the 32,272 in the previous quarter.
In the remaining three quarters this year, 5,134 units (including ECs) will be completed, according to expected completion dates provided by developers. In the next year, an additional 10,816 units (including ECs) will be completed.