The Urban Redevelopment Authority's (URA) flash estimate for the first quarter of 2020 shows that the overall price index for private homes fell 1.2 per cent quarter-on-quarter (q-o-q) from end-2019, a reversal of the uptrend in the previous three quarters.
By housing types, landed home prices were down 1.7% q-o-q, a bigger magnitude than the 1.0% decline for non-landed homes. Within the non-landed category, the fall of 1.5% q-o-q in the Core Central Region (CCR) price index was mainly attributed to the lower price point of The M which saw 389 units sold at S$2,439 psf, as well as the softer prices of resale properties.
Prices in the Rest of Central Region (RCR) and Outside Central Region (OCR) decreased by 0.5% and 1.0% respectively. On the same note, it was observed that prices of resale homes and units sold from some of the new projects were at slightly lower prices than the previous quarters.
- Margaret Ville: 21 units @ $1,802 psf
- View At Kismis: 35 units @ $1,695 psf
- Treasure At Tampines: 195 units @ $1,363 psf
- Parc Clematis: 88 units at $1,588 psf
The total new home sales for Q1 2020 is estimated at around 2,000 units while the resale volume is likely to be around 1,600 - 1,700 units.
With the uncertainties caused by Covid-19 and the latest social distancing requirements implemented at showflats, it is expected that residential demand will drop further.
URA flash estimates are compiled based on transaction prices given in contracts submitted for stamp duty payment and data on units sold by developers up till mid-March. The statistics will be updated on 24 April 2020 when URA releases its full set of real estate statistics for the first quarter of 2020.