PRIVATE home prices in Singapore slumped 14.1 per cent in the first quarter of 2009, compared with a 6.1 per cent slide in the fourth quarter of last year.
This is the largest decline since the Urban Redevelopment Authority started compiling price index in 1975. The fall, according to URA data released on Friday, is worse than an initial estimate of 13.8 per cent.
There were 64,152 private residential units in the pipeline for the quarter, comprising supply from projects that were already under construction and those that had been granted planning approval but were not under construction yet. -- ST FILE PHOTO Private home prices started falling in the third quarter of last year, after climbing for more than four years, URA data showed.
The fall in private home rents also gathered pace, sliding 8.5 per cent in the first quarter, compared with a 5.3 per cent decline in the previous quarter.
In the Housing Board market, resale prices edged lower by 0.8 per cent in the first quarter as it reversed its direction from a 1.4 per cent rise in the previous quarter. Initial estimate showed a 0.6 per cent fall.
Prices for apartments in the so-called core central area dropped 16 per cent last quarter and retreated 17 per cent elsewhere in central Singapore.They fell 7.3 per cent across other parts of the island, said the URA.
In the first quarter, there were 64,152 private homes planned that were being built or had received planning approval from the government. That is a 1.3 per cent decline from the previous three months.
Landed properties also took a big hit, falling by 9.2 per cent in the quarter, compared with the drop of 4.8 per cent in the previous quarter. Prices of detached, semi-detached and terrace houses fell by 10 per cent, 7.5 per cent and 9.1 per cent respectively.
Private residential rents also declined 8.5 per cent, accelerating from a 5.3 per cent retreat in the previous quarter, the URA data showed.
Office rents also dropped 11 per cent, compared with 6.5 per cent the previous three months, while rents for retail and industrial space declined 3.3 per cent and 5.6 per cent, respectively.
Home-buyers can view the data on individual uncompleted private residential projects at: http://www.ura.gov.sg/realEstateWeb/price.jsp. The database also provides information on projects with units still available for sale.
Besides the data on the sale of uncompleted units direct from developers, homebuyers can also access information on all private residential property transactions on URA's website at http://www.ura.gov.sg/realEstateWeb/transaction.jsp.
This database, which is based on caveats lodged with the Singapore Land Authority (SLA), contains comprehensive information on the prices and floor areas of the units.
MORE INFORMATION
Home-buyers can view the data on individual uncompleted private residential projects at: http://www.ura.gov.sg/realEstateWeb/price.jsp.
The database also provides information on projects with units still available for sale.
Besides the data on the sale of uncompleted units direct from developers, homebuyers can also access information on all private residential property transactions on URA's website at http://www.ura.gov.sg/realEstateWeb/transaction.jsp.
This database, which is based on caveats lodged with the Singapore Land Authority (SLA), contains comprehensive information on the prices and floor areas of the units.
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