{"id":115742,"date":"2020-04-20T13:20:51","date_gmt":"2020-04-20T06:20:51","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/residential-market-sentiment-to-weaken-amid-restrictive-containment-measures\/"},"modified":"2020-04-20T14:21:33","modified_gmt":"2020-04-20T07:21:33","slug":"residential-market-sentiment-to-weaken-amid-restrictive-containment-measures","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/residential-market-sentiment-to-weaken-amid-restrictive-containment-measures\/","title":{"rendered":"Residential market sentiment to weaken amid restrictive containment measures"},"content":{"rendered":"


\nAfter the residential market showed signs of slowing in the first quarter of 2020, Knight Frank expects market sentiment to weaken amid concerns over job security as well as restrictive containment measures due to Covid-19.
\nUrban Redevelopment Authority (URA) flash estimates showed that the Property Price Index (PPI) of non-landed private residential properties dropped 1% quarter-on-quarter in the first quarter of 2020, reversing the 1.9% hike registered in 2019.
\nExcluding executive condominiums (ECs), primary sales of non-landed properties fell 8.4% quarter-on-quarter to 2,115 units in Q1 2020, while sub-sales declined 25.3% quarter-on-quarter to 1,507 units.
\nSingapore\u2019s private home market was initially resilient against the downward pressure caused by Covid-19, with sales increasing January and February increasing 29% and 67% year-on-year to 1,142 units and 1,399 units, respectively.
\n\u201cThe outbreak was initially largely contained in China, with the general perception that it will subside by June using the SARs outbreak as a guide,\u201d said Knight Frank.
\n\u201cHowever, the spread of the outbreak in the United States and Europe, and the hike in cases in March, impacted sales after social distancing measures adversely impacted on sentiments.\u201d
\nMarch sales volume dropped 32.9% year-on-year to 1,081 units.
\nThe Core Central Region (CCR) saw the PPI for non-landed homes decline 15% quarter-on-quarter in Q1 2020, extending the 2.8% quarter-on-quarter drop seen in Q4 2019.
\nWith 958 units sold in Q1 2020, transactions volumes rose 6.2% quarter-on-quarter and 70.8% year-on-year. Primary sales, which increased 47.2%, led the hike as most of the new launches during the quarter were located in the CCR.
\nThe M recorded the highest number of units sold at 389 units. This comes as buyers were drawn to the project\u2019s attractive pricing and location. Units were transacted at an average price of $1.35 million.
\nA condominium unit at Boulevard 88 emerged as the most expensive caveated primary sale within the region at $10.4 million or S$3,744 per sq ft (psf).
\nRead:\u00a0The URA Caveat: Why It\u2019s So Irresistibly Good
\nThe Outside Central Region (OCR) also saw the PPI drop 1% quarter-on-quarter in Q1 2020, while transaction volumes fell 23.6% quarter-on-quarter to 1,498 units.
\nParc Clematis, which shifted 92 units during the period under review, posted the top transaction value in the region as a unit was sold for nearly $2.8 million or $1,624 psf.
\nPrices within the Rest of the Central Region (RCR) emerged as the most resilient, with the PPI for non-landed homes declining by just 0.5% quarter-on-quarter, while transactions volumes fell by around 20.3% quarter-on-quarter to 1,166 units.
\nJadescape recorded the highest sales volume, with caveats lodged for 173 units at $1,708 psf. The project was launched in September 2018 and has since sold around 60% of its units.
\nThe most expensive caveated primary sale within the region was a condominium unit at Amber Park, which was sold at $5.6 million or $2,415 psf.
\n\u201cWith the restrictions on show-flats with the social-distancing measures and reduced viewings, we anticipate the transaction volume to decrease,\u201d said the property consultancy.
\nBut despite the outbreak, Knight Frank does not expect prices in the primary market to decline as most developers have the reserves to get it through this period.
\nPrices in the secondary market, on the other hand, will likely be subjected to greater downward pressure as companies undertake cost-cutting measures.
\n\u201cDespite the Covid-19 outbreak, there is still keen interest in choice properties that are attractively priced, and we expect transactions to resume when some of the social distancing measures are lifted,\u201d said Linda Chern, Head of Residential (Prime Sales & Leasing, Project Marketing) at Knight Frank.
\n\u201cThat said, there is a growing mismatch in price expectations between buyers and sellers and transactions will take longer to proceed.\u201d
\nLooking for a property in Singapore? Visit\u00a0PropertyGuru\u2019s\u00a0Listings,\u00a0Project Reviews\u00a0and\u00a0Guides.
\nVictor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email\u00a0victorkang@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Residential market sentiment to weaken amid restrictive containment measures<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

After the residential market showed signs of slowing in the first quarter of 2020, Knight...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-115742","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-u6O","jetpack-related-posts":[{"id":118028,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/residential-investment-sales-muted-in-q2-2020-but-buying-activity-to-increase-edmund-tie\/","url_meta":{"origin":115742,"position":0},"title":"Residential investment sales muted in Q2 2020, but buying activity to increase : Edmund Tie","date":"July 30, 2020","format":false,"excerpt":"\r Despite a muted market, the real estate consulting firm expects buying activity to increase, with new projects launching in the second half of 2020. The resale market is also expected to see stronger sales as viewings resume.\u00a0 Residential investment sales in Singapore were muted during the second quarter of\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":118074,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/residential-rents-to-face-downward-pressure-in-the-coming-months\/","url_meta":{"origin":115742,"position":1},"title":"Residential rents to face downward pressure in the coming months","date":"August 4, 2020","format":false,"excerpt":"\r Leasing demand will likely weaken given that the ongoing economic slowdown\u00a0and\u00a0border control measures are reducing the pool of limited tenants within the market. Residential rents in Singapore are expected to continue facing downward pressure over the coming months, reported Singapore Business Review citing JLL. This comes as leasing demand\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":101756,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/cooling-measures-dampened-buying-sentiment-in-q3-report\/","url_meta":{"origin":115742,"position":2},"title":"Cooling measures dampened buying sentiment in Q3: report","date":"November 28, 2018","format":false,"excerpt":"\r En bloc sales in Singapore have come to a halt while residential sales have also suffered. The government\u2019s latest round of property cooling measures dampened buying sentiment in the private residential market during the third quarter of 2018, said Edmund Tie & Company (ET&Co) in a report. This comes\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":115826,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/hdb-resale-volume-down-7-amid-covid-19-outbreak\/","url_meta":{"origin":115742,"position":3},"title":"HDB resale volume down 7% amid Covid-19 outbreak","date":"April 24, 2020","format":false,"excerpt":"\r Resale HDB flats have declined by 7% in Q1 2020.\u00a0\u00a0 The resale volume for HDB flats declined 7% to 5,893 units in the first quarter of 2020 from 6,339 units in the fourth quarter of 2019, showed HDB data on Friday (24 April) On an annual basis, resale volume\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":120518,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/residential-sector-dominates-investment-sales-for-q2-2021\/","url_meta":{"origin":115742,"position":4},"title":"Residential sector dominates investment sales for Q2 2021","date":"July 14, 2021","format":false,"excerpt":"\r 7,267 units in the residential sector changed hands in Q2 2021. The residential sector accounted for 56% of the total property investment sales at $3 billion. Property investment sales in Singapore increased 15.4% quarter-on-quarter to $5.48 billion in the second quarter of 2021, with the residential sector accounting for\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i1.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/07\/HDB-flats-in-Ghim-Moh.jpg?fit=820%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":105969,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/ura-draft-master-plan-to-spark-more-home-sales\/","url_meta":{"origin":115742,"position":5},"title":"URA Draft Master Plan to spark more home sales","date":"April 11, 2019","format":false,"excerpt":"\r Plans for the Greater Southern Waterfront will offer much optimism in the future outlook of residential properties in the vicinity. Property consultancy Knight Frank expects residential sales to remain moderate for the rest of the year, on the back of the growing mismatch of price expectations among buyers and\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/115742"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=115742"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/115742\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=115742"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=115742"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=115742"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}