Private residential property prices rose 0.4 per cent in the second quarter of this year, according to flash estimates released by the Urban Redevelopment Authority (URA) on Tuesday.
The rise followed a 3.7 per cent increase in the first quarter. Prices of non-landed private residential properties increased by 0.2 per cent in the Core Central Region, 0.7 per cent in the Rest of Central Region and 1.3 per cent Outside Central Region in the second quarter of the year.
In comparison, for the first quarter of 2008, prices of non-landed private residential properties increased by 3.8 per cent in the Core Central Region, 3.3 per cent in the Rest of Central Region and 3.8 per cent Outside Central Region.
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Analysts noted that the softening prices contributed to a pick up in sales towards the end of the second quarter in some attractively located and reasonably-priced projects launched.
Ms Margaret Thean, DTZ's Executive Director for Residential, said: "This is clearly indicated by the sell-out status of projects such as Suites 123, while Nassim Park, Parc Sophia, Dakota Residences and Clover by the Park received encouraging response."
However, with the uncertain economic outlook and high inflation, developers are holding off on launches, while homebuyers look for bigger discounts.
DTZ expects further price corrections in private residential properties going forward. Domestically, property-watchers said the speculation that caused previous highs has died down.
On the supply side, as at first quarter of 2008, there were about 67,700 private residential units in the pipeline, of which about 56,500 new private housing units are expected to be completed between 2008 and 2011.
About 42,700 units of the supply in the pipeline (or 63 per cent) have not been sold by developers yet.
In public housing, the prices of HDB resale flats rose 4.4 percent in the three months to June, over the previous quarter. This is slightly higher than the 3.7 percent increase in the first quarter.
URA's flash estimate is based on data for the first 10 weeks of the quarter. The price index for the full quarter will be issued later this month. - CNA/yb
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