{"id":121647,"date":"2021-08-25T02:00:54","date_gmt":"2021-08-24T19:00:54","guid":{"rendered":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapore-private-home-market-to-remain-on-sound-footing\/"},"modified":"2021-08-25T10:11:32","modified_gmt":"2021-08-25T03:11:32","slug":"singapore-private-home-market-to-remain-on-sound-footing","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapore-private-home-market-to-remain-on-sound-footing\/","title":{"rendered":"Singapore private home market to remain on sound footing"},"content":{"rendered":"


\n8,449\u00a0units in the primary and secondary private home market were transacted in Q2 2021, a 4.3% quarter-on-quarter increase.
\nBarring the introduction of cooling measures from the government, Singapore\u2019s private homes market is expected to remain on sound footing, with new launch activity picking up in the second half of the year, according to Edmund Tie.
\nThis comes as the market continues to be supported by optimistic buyer sentiments and ample liquidity.
\nIn Q2 2021, a total of 8,449 units were transacted in the primary and secondary markets, up 4.3% quarter-on-quarter (QoQ) and a substantial 217.2% year-on-year (YoY) \u201cdue to a low base effect arising from the circuit breaker period in Q2 2020\u201d.
\nSecondary sales accounted for majority of the transactions in Q2 2021 at 5,483 units, or up 19% from the previous quarter.
\nSales in the primary market, on the other hand, declined 15.1% from Q1 2021 to 2,966 units as developers postponed or limited new launch activity amid tighter COVID-19 safety measures rolled out by the government in May.
\nAmong the market segments, the Central Core Region (CCR) registered the highest quarterly growths of 19.4% in primary sales and 29.1% in secondary sales.
\nEdmund Tie attributed the strong growth in primary sales to the sizeable growth in new launches at 46.8% in Q2 2021, \u201cwhich at 1,019 units was the most out of the market segments\u201d.
\n\u201cLiving in the prime and downtown areas continues to draw home buyers, with projects such as One Bernam and Irwell Hill Residences performing well and contributing to the CCR\u2019s strong primary sales performance for 2Q 2021. There is still appeal in upmarket residential living that offers connectivity and proximity to town,\u201d said Lam Chern Woon, Head of Research and Consulting at Edmund Tie.
\nThe Rest of Central Region (RCR) saw primary sales drop 37.5% QoQ, while secondary sales increased 9.2% QoQ in Q2 2021.
\nThe Outside Central Region (OCR) posted 1.6% and 20.7% QoQ growths in the primary and secondary sales, respectively.
\nOver at the non-landed primary market, 32.3% of transactions were for units measuring between 500 and 700 sq ft, \u201csuggesting healthy mass market demand for smaller and more affordable units against the backdrop of rising property prices\u201d.
\nMeanwhile, the proportion of transactions for the smallest unit type of below 500 sq ft declined to 9.4% in Q2 2021 from 12.7% in Q1 2021.
\nConversely, an increase in the proportion of transactions was seen for larger units above 1,000 sq ft, accounting for 27.3% of primary sales during the period under review.
\n\u201cStudio apartments appear to have lost some of their appeal despite their lower price quantum, as more home buyers seek larger spaces to accommodate work-from-home arrangements,\u201d said Lam.
\nIn terms of price, the majority of primary transactions were for units priced at $1 million to $1.5 million at 38.2% in Q2 2021, down from 47.6% in Q1 2021.
\nA similar decline was observed for units priced below $1 million, from 15.6% in Q1 2021 to 5.4% in Q2 2021.
\nEdmund Tie said the decline was \u201clikely due to rising property prices and the preferential shift away from smaller homes\u201d.
\nIt added that the trend to shift away from smaller units is further reinforced by the hike in the proportion of transactions for units above $2 million, from 21.2% in Q1 2021 to 24.1%, forming almost all primary transactions in Q2 2021.
\nIn Q2 2021, the number of purchases by foreign buyers (non-PR) fell 2.7% to 284 units from 292 units in Q1 2021.
\n\u201cThe decline did not affect the CCR, where the number of transactions increased by a significant 35.8% QoQ in Q2 2021, from 109 units to 148 units,\u201d said Edmund Tie.
\nThe CCR overtook the RCR with the most transactions made by foreign buyers, as foreigners gravitated to a more familiar segment. The Mainland Chinese continued to be the top foreign homebuyer across all regions in Q2 2021.
\nThe property consultancy also revealed that the loss-making share for the overall market declined from 14% in March to a record low of 10.5% in May before rising again to 13.8% in June.
\nProfitability in the secondary market improved during the first two months of Q2 2021, before home viewing restrictions took effect in mid-May, which affected the profitability of transactions in June.
\n\u201cAs the government continues to ease safety restrictions amidst the rising vaccination rates, owners can look forward to more certainty as they go about their marketing process. Resale profitability could pick up slightly in the coming months, barring the introduction of fresh home viewing restrictions or a deterioration of the economic environment,\u201d said Lam.
\nLooking for a property in Singapore? Visit PropertyGuru\u2019s\u00a0Listings,\u00a0Project Reviews\u00a0and\u00a0Guides.
\nCheryl Chiew, Digital Content Specialist at PropertyGuru, edited this story. To contact her about this story, email:\u00a0cheryl@propertyguru.com.sg.\u00a0
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Singapore private home market to remain on sound footing<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

8,449\u00a0units in the primary and secondary private home market were transacted in Q2 2021, a...<\/p>\n","protected":false},"author":1,"featured_media":121648,"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-121647","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-property-news"],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/08\/condominium-singapore.jpg?fit=820%2C410&ssl=1","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-vE3","jetpack-related-posts":[{"id":121620,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/more-developers-express-concern-over-high-construction-costs\/","url_meta":{"origin":121647,"position":0},"title":"More developers express concern over high construction costs","date":"August 24, 2021","format":false,"excerpt":"\r 88% of the\u00a0developers surveyed by NUS were \u201cvery concerned\u201d about high labour costs over the next six months, and 58% were worried about building material\u00a0costs. 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