Private Housing Further Moderates 11 Q O Q Growth 2Q2024 Ura Flash Estimates

Is pricing the only reason behind Cuscaden Reserve’s sales success?Private residential property prices showed a moderate increase of 1.1% in 2Q2024, compared to the previous quarter’s 1.4% growth, as revealed in URA’s flash estimates today. The non-landed market recorded a higher growth rate of 0.9% in 2Q2024, compared to 1% in 1Q2024. The private housing market saw 4,215 transactions in 2Q2024, almost matching the first quarter’s 4,230 sales. Be sure to keep up with the latest New Launches to stay informed on transaction prices and available units.AdvertisementAdvertisementSource: URAThe increase in private housing prices in the last quarter can be attributed to the decrease in prices in the Core Central Region (CCR). This segment saw a 0.2% decline in private non-landed home prices in 2Q2024, compared to the 3.4% increase in 1Q2024. Eugene Lim, the key executive officer of ERA Singapore, believes that the drop in CCR prices could be partially attributed to the price reductions in CCR projects such as Cuscaden Reserve and The Residences at W Singapore Sentosa Cove. According to Lim, these price adjustments have sparked a much-needed interest in the luxury market, which has been lackluster due to the increase in ABSD rates for foreigners in April 2023. On the other hand, prices in the Rest Central Region (RCR) rose 2.2% in 2Q20224, compared to a modest 0.3% growth in the segment in the previous quarter. Meanwhile, prices in the Outside Central Region (OCR) only saw a 0.3% increase, remaining relatively unchanged from the 0.2% growth in 1Q2024.Read also: Is it a Good Deal?: $1,237 psf for a two-storey penthouse in SentosaLeonard Tay, the head of research at Knight Frank Singapore, attributes the increase in RCR and OCR prices to the high prices in the new launch market, a result of increased construction costs and rising land prices that were committed to 12 to 18 months ago. The slowdown in the new launch market may have also contributed to the decline in the overall price index, according to Christine Sun, the chief researcher and strategist at OrangeTee Group. According to URA caveats, the number of new residential sales (excluding Executive Condos) saw a 41.4% decline in 2Q2024, with only 679 units sold compared to 1,158 units in 1Q2024. As for the landed property market, prices continue to decline with a 1.8% quarterly growth in 2Q2024, compared to a 2.6% increase in 1Q2024. Tay adds that the demand for landed homes from Singaporeans moving up the housing ladder is still strong despite limited supply in land-scarce Singapore. Most sellers have not reduced their asking prices or premiums, leading buyers to purchase properties listed at or slightly below market valuations. Read also: Final units at Perfect Ten and Pasir Ris 8 sold Lee Sze Teck, the senior director of data analytics at Huttons Asia, predicts that up to 16 launch-ready projects will enter the market in 2H2024, bringing in a total of 7,571 new units. Upcoming launches include Kassia and SORA this month. If the current market conditions persist, Lee estimates that developers will sell up to 6,500 new homes this year, with an overall price growth of up to 4%. Be sure to browse Cuscaden Reserve, The Residences At W Singapore Sentosa Cove listings for more information.

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