Private Property Prices Down For Q1

[rendell 0]

SINGAPORE: Prices for private property and public housing fell steeply in the first three months of the year.

In the Housing Development Board (HDB) resale market, the first drop since 2006 was seen.

HDB's flash estimate for the 1st Quarter 2009 Resale Price Index (RPI) showed a decrease of 0.6% over 4th Quarter 2008 which had registered a 1.4% increase.

Even HDB is falling off slightly.

As for private residential property, flash estimates from the Urban Redevelopment Authority (URA) showed prices down 13.8 per cent in the three months to March.

Falling 13.8% in 3 month is bad .... imagine a $1million landed property drop to $862k in just 3 months.

I would assume these group of people are the newly rich, which made their money from the last bull run.

They may have loss some money back to the market and can no longer afford to maintain the property.

That is why they have to sell the property even when the price is so bad ....

That is more than twice as steep as the six per cent decline in the fourth quarter of last year.

Based on geographical regions, prices in the "rest of central region" fell the steepest, at more than 17 per cent compared to 6.2% in the fourth quarter.

Prices of non-landed private residential properties decreased by 15.2 per cent in the "core central region". This is in contrast to the 6.5% decrease seen in late 2008.

Prices "outside the central region" fell 7.5 per cent, much higher than the 5.9% drop seen in the previous quarter.

Prime Condo - 15.2% drop

Non-prime - 7.5% drop

With the high number of TOP coming out the next few months, I would expect the figure to be worst by next 2 quarters.

If you are thinking of getting a condo as investment now, my advice is, look at landed if you have the capacity.

The flash estimates are compiled based on transaction prices given in caveats lodged during the first ten weeks of the quarter supplemented by information on the number of new units sold.

- CNA/yt/sf

[acider 0]

The fall is still considered managable.

I have sold properties with 30% to 50% increase in 3 months during the boom.

So this percentage of fall is still peanuts.

Should see what happens at the end of this yr.

[rendell 0]

The fall is still considered managable.

I have sold properties with 30% to 50% increase in 3 months during the boom.

So this percentage of fall is still peanuts.

Should see what happens at the end of this yr.

you expect more shiiit to come?

[paulrealstar 0]

i have some cash rich clients already start to stock up their landed properties....

Will the price slide more? Let wait and see..

[rendell 0]

i have some cash rich clients already start to stock up their landed properties....

Will the price slide more? Let wait and see..

I have heard from some sources that rich foreigners from neighboring country are coming back to Singapore to snap private property.

So smart, they sold their properties during the peak to suckers and now they are coming back to buy cheaper properties.

[Susan28 0]

Got any idea how low can Sentosa go?

[rendell 0]

Got any idea how low can Sentosa go?

So low we will poop in our pants.... joking.

Anyway, the turn is around 1 year.

IR coming up next year, so next year should be the low.

By the way, the strategy to flip property is to do it when it is hot .... not cheap.

[Susan28 0]

Nah, not flipping. My agent told me that Sentosa may see $1050/ sq feet. Seems like the last 2 weeks went up a bit.

[Phantom 1]

Susan28 I don't think so. Developers are trying to sustain the market. Doesn't seem likely that prices will dip dramatically.

Property prices look like base building at the moment. expect the market to range around this level for the next 3-6months.

[Susan28 0]

Susan28 I don't think so. Developers are trying to sustain the market. Doesn't seem likely that prices will dip dramatically.

Property prices look like base building at the moment. expect the market to range around this level for the next 3-6months.

Yah lor, in addition to the news that some corporations and foreigners with funds are coming back, I guess even after the flipping, nobody wants to flip anymore. IR is just around the corner and mostly will keep. Sigh...if that's the case its out of my budget

[Phantom 1]

It really boils down to your intention.

At the same time, Why Sentosa? I don't even like the place.

[Susan28 0]

It really boils down to your intention.

At the same time, Why Sentosa? I don't even like the place.

Near to casino mah! Play late no need to drive so far. Wake up early can go without getting stuck in the jam.

[rendell 0]

Near to casino mah! Play late no need to drive so far. Wake up early can go without getting stuck in the jam.

Haha ... imagine a can of coke worth $10 when you have breakfast at the nearest restaurant.

Two prata kosong $16 ....

[Susan28 0]

Haha ... imagine a can of coke worth $10 when you have breakfast at the nearest restaurant.

Two prata kosong $16 ....

Take it as tips from your winnings lah!!