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Singapore Private Property Prices Up 2.1% in Q4 2020

Prices of private properties in Singapore rose 2.1% in Q4 2020 despite the on-going COVID-19 pandemic and economic uncertainty. This is according to flash estimates released by the Urban Redevelopment Authority (URA) on 4th January. The 2.1% increase in Q4 followed the 0.8% increase in Q3 2020. This brings the increase in the overall price index for 2020 to 2.2%, lower than the 2.7% increase recorded in 2019.

The 2.1% increase in Q4 though, is the highest quarterly increase since Q2 2018, when private home prices rose by 3.4%. The Q2 2108 price index increase led to the government implementing property cooling measures in July that year.

The Q4 price index increase was mainly due to private properties in the rest of central region (RCR), which rose 4.8% and the core central region (CCR), which rose by 3.3%. Prices in the outside central region (OCR) rose a modest 1.7%.

For the whole of 2020, prices in the CCR fell by 0.2% per cent while prices in the RCR went up by 5.1% and prices in the OCR rose by 3.1%.

New launch projects could have contributed greatly to the price index increase in Q4. In the RCR, newly launched project The Landmark, located at Chin Swee Road, near the Outram MRT station was launched at a median price of $2,137 psf and The Linq @ Beauty World, located in Upper Bukit Timah, was launched at $2,171 psf. Both the projects’ launch prices were above the $1,813 psf median price for all new condo units in the region in 2020.

In the OCR, new units at Clavon, located in Clementi, was launched at a median price of $1,637 psf. Nearby new launch project, Ki Residences at Brookvale was launched at a median price of $1,766 psf and over in Hillview, Midwood was launched at a median price of $1,624 psf. These three projects’ launch prices were above the $1,547 psf median price for all new condo units in the OCR in 2020.

Developers were also seen increasing the prices of previously launch projects. At Fourth Avenue Residences, located along Bukit Timah Road in the CCR, prices rose from $2,258 psf in Q3 2020 to $2,296 psf in Q4. Over at Kopar at Newton, located opposite the Newton Hawker Centre, the median price in Q3 was $2,384 psf and went up to $2,433 psf in Q4.

There were also price increases at many previously launched projects like The M in Middle Road, The Avenir in River Valley, Leedon Green along Farrer Road, Royalgreen along Bukit Timah Road, Treasure at Tampines, The Garden Residences in Serangoon, Jadescape along Shunfu Road, Forett at Bukit Timah, Stirling Residences in Queenstown, The Florence Residences in Hougang, The Woodleigh Residences along Potong Pasir, and Avenue South Residence in The Greater Southern Front.

Real estate industry experts are predicting that the upward price trend will continue in 2021. With the arrival of the COVID-19 vaccine and the expected economic recovery, buyers’ sentiment will be better and activity will pick up. With up to 20 new launch projects and approximately 9,000 new units expected to hit the market in Q1 2021, market sentiments will surely get better and industry experts are forecasting overall private home prices to rise by 1% to 4% whilst prices of new homes may increase between 2% and 5% in 2021.

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