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\nHDB Resale Price Growth Slows, up 1.3% In Q3 2023, Private Home Prices Post Marginal Increase of 0.8% In Q3 2023 and More24\u00a0October to 30\u00a0October 2023
\nResale prices of Housing and Development Board (HDB) flats increased 1.3% in the third quarter of 2023, slowing from the 1.5% growth registered in the previous quarter. Meanwhile, private home prices in Singapore climbed by 0.8% in Q3 2023, reversing the 0.2% decline in Q2 2023.
\n\u00a0<\/p>\n
HDB resale price growth slows, up 1.3% in Q3 2023<\/p>\n
Resale prices of Housing and Development Board (HDB) flats increased 1.3% in the third quarter of 2023, slowing from the 1.5% growth registered in the previous quarter, revealed HDB.
\nThe figure is also lower compared to the 2.5% average quarterly growth seen in 2022.
\n\u201cWe are seeing some moderation in the rate of increase in resale prices since the government\u2019s implementation of a strong pipeline of supply, as well as the cooling measures to promote a stable and sustainable property market,\u201d noted HDB.
\nThe cooling measures include a 15-month wait-out period for private property owners who wish to buy a non-subsidised HDB resale flat and the lowering of loan-to-value limit for HDB housing loans.
\nMeanwhile, resale transactions increased 2.8% to 6,695 cases in Q3 2023 from 6,514 cases in Q2 2023. On an annual basis, resale transactions fell 11.3% \u2013 marking the lowest third quarter volume since 2020.
\nDespite this, the number of million-dollar flat transactions for this year may exceed the record set in 2022, reported Singapore Business Review.
\nNotably, 369 million-dollar HDB flats have been transacted as of 27 October \u2013 which is similar to the number of flats sold for the whole of 2022, said PropertyGuru.
\n\u00a0<\/p>\n
Private home prices post marginal increase of 0.8% in Q3 2023<\/p>\n
Private home prices in Singapore climbed by 0.8% in Q3 2023, reversing the 0.2% decline in Q2 2023, revealed the Urban Redevelopment Authority (URA).
\nIt noted that the average quarterly price hike of about 0.3% over the last two quarters was \u201csignificantly lower than the average quarterly increase of 2.1% in the whole of 2022\u201d.
\nIn Q3 2023, landed property prices fell 3.6%, following a 1.1% growth in the previous quarter.
\nPrices for non-landed properties, on the other hand, rose 2.2%, reversing the 0.6% decline posted in Q2 2023.
\nNon-landed property prices in the Core Central Region (CCR) fell 2.7%, while the Rest of Central Region (RCR) and Outside Central Region (OCR) saw prices grow 2.1% and 5.5%, respectively.
\nMeanwhile, rents for private homes rose 0.8% in Q3 2023, slowing from the 2.8% hike registered in Q2 2023.
\nThis comes as rental growth for non-landed properties and landed properties both slowed to 0.2% and 4.4% during the period under review, from the previous increase of 2.3% and 6.7%, respectively.
\nFor the whole of 2023, Savills expects overall rents for private non-landed homes to increase by up to 10% primarily due to the momentum built up during the first half of the year.
\n\u00a0<\/p>\n
Luxury home market sees slower transactions following money-laundering crackdown<\/p>\n
Singapore\u2019s luxury residential market is facing challenges as foreign buyers contend with various factors including higher interest rates, an increase in Additional Buyer\u2019s Stamp Duty (ABSD) and heightened scrutiny following a recent money-laundering crackdown, reported The Business Times.
\nIndustry experts said transaction volumes for prime condominiums, landed homes and conservation shophouses are slowing down.
\nFor instance, two mainland Chinese buyers, who were permanent residents in Singapore, encountered delays in obtaining housing loans from banks, which led to the lapse of their option to purchase.
\nWith foreign buyers becoming more apprehensive amid the increased complexity and scrutiny in their property transactions, landlords of Good Class Bungalows (GCBs) have become more willing to negotiate rents.
\nThey have also become more prudent, with agents expected to be more thorough with their due diligence on prospective tenants.
\nData compiled by CBRE for The Business Times showed that median rents of detached homes in GCB areas dropped 2.5% in Q3 2023 to $4.60 psf by floor area.
\nIt also takes a longer time to rent out a GCB now \u2013 at around two to three months from about a month in 2022, said Han Huan Mei, Research Director at List Sotheby\u2019s International Realty.
\n\u00a0<\/p>\n
Luxury condos now more appealing to buyers <\/p>\n
OrangeTee believe that luxury condos may be more attractive to buyers now that the median price per sq ft (psf) gap between non-landed resale homes within the CCR and those in the RCR has narrowed from 24.1% in Q2 2023 to 17.5% in Q3 2023, reported Singapore Business Review.
\nThe gap stood at 27.5% in Q1 2023.
\nOrangeTee noted that the price gap in Q3 2023 was the smallest since Q3 2001, when it was at 14.5%.
\nOverall resale home prices recorded a slight recovery, with average prices of resale private homes increasing 0.9% to $1,631 psf from $1,616 psf.
\nThis comes as average resale prices of landed properties jumped 13.1%, while resale prices of non-landed properties fell 0.9% on a quarter-on-quarter basis.
\nNotably, median prices in the RCR increased at a faster pace than in the CCR. Over the course of 13 quarters during the pandemic, median prices in the CCR rose by 13.6% to $2,011 psf in Q3 2023 from $1,771 psf in Q3 2020. The RCR, on the other hand, saw median prices of resale condos jump 26.8% to $1,711 psf in Q3 2023 from $1,349 psf in Q3 2020.
\nLooking ahead, overall resale prices are expected to gradually increase by 4% to 6% in 2023, down from 2022\u2019s 8.7%.
\n\u00a0<\/p>\n
About 8,600 households to share feedback on public housing experience<\/p>\n
About 8,600 households and single occupiers in HDB flats will be invited to participate in HDB\u2019s latest Sample Household Survey (SHS) 2023\/2024 between this October and April next year, said HDB.
\nThe survey is conducted every five years since 1968, with the aim of gathering \u201cresidents\u2019 feedback on their public housing experience and understanding their changing needs and expectations\u201d.
\nFor this year, the survey will cover three main areas \u2013 HDB population, residents\u2019 social well-being and physical living environment.
\nSingles aged 21 to 54 years, who are listed as occupiers in HDB units and who do not own HDB flats will be invited to share their views on housing needs and aspirations, marriage as well as their outlook in life.
\nThe survey will also examine the residents\u2019 well-being on three levels \u2013 family, personal and the community. It will uncover insights on how to help communities be resilient via physical and social infrastructure.
\nMedia Research Consultants has been commissioned by HDB to conduct the surveys, with the results expected to be ready in 2025.
\n\u00a0<\/p>\n
Influx of Hong Kong expats to spur leasing demand for prime district homes<\/p>\n
A potential influx of Hong Kong expats may reverse the declining trend in residential leases.
\n\u201cWe got feedback from agents from the ground, not only from Savills, but across agencies. The common theme in the second quarter was that there had been some inquiries and some signing of leases by expats that came from Hong Kong or were going to be relocated from Hong Kong to Singapore,\u201d Savills Singapore Executive Director of Research and Consultancy Alan Cheong told Singapore Business Review.
\nWhile the interest may not be a \u201cbig wave\u201d, it is expected to have a positive impact on the market.
\nThis comes as most Hong Kong expats in Singapore hold C-suite positions and have monthly budgets of between $10,000 and $25,000 for renting apartments. They are expected to rent in prime districts such as Districts 9, 10 and 11.
\nExpats with budget constraints, on the other hand, will likely rent in Singapore\u2019s east coast in District 15, where monthly rent for a three-bedder apartment range between $4,000 and $6,000, said Cheong.
\n\u00a0<\/p>\n
Man who ran one of biggest rental scams in Singapore jailed<\/p>\n
Zeng Xianfu Gibson \u2013 the man behind one of the biggest rental scams in Singapore \u2013 has been sentenced to three years and seven months\u2019 imprisonment, after pleading guilty to 23 cheating charges, reported CNA.
\nThe 29-year-old former sales executive at rental firm Singapore Housing Company misused the photos he took of rental units during his employment to scam 68 victims out of almost $383,000.
\nBetween 2018 and 2020, Zheng used the photos on Airbnb even as he had no authority to rent out such units. To bolster his listings\u2019 authenticity, he provided actual images of the units and prepared fake tenancy agreements to deceive victims.
\nHis victims came from various countries and included locals and international students seeking short-term accommodation. The amounts scammed from the victims ranged from $7,000 to $16,635 as \u201cdeposits\u201d.
\nZeng delayed victims move-in dates with false excuses, such as the outgoing tenant having contracted COVID-19.
\nIn seeking for 47 months\u2019 jail for Zheng, the prosecutor pointed that the offences \u201cwere committed at a time where competition for rental units in the market was high due to limited supply and high demand\u201d. This caused significant inconvenience and anxiety among his victims.
\n\u00a0<\/p>\n
Malaysia to negotiate continuation of Shuttle Tebrau train service<\/p>\n
Malaysia plans to negotiate with Singapore for the continuation of the Shuttle Tebrau train service between Woodlands and Johor Bahru Sentral even as the Johor Bahru-Singapore Rapid Transit System (RTS) Link has started operations, reported CNA.
\nNotably, the termination of the shuttle service is one of the conditions agreed upon by Malaysia and Singapore for implementing the RTS project.
\n\u201cI personally feel that it is not wrong if we have more connectivity between the two countries \u2026 which gives choices to passengers,\u201d said Malaysia\u2019s Transport Minister Anthony Loke.
\nThe JB-Singapore RTS Link is anticipated to start operations by end-2026, serving around 10,000 passengers per hour each way, easing traffic congestion on the Causeway.
\nCommenting on Shuttle Tebrau\u2019s ridership, Loke shared that a 7% increase was registered this year, with the average passengers per day standing at 8,635.
\nHe added that measures to enhance the train service\u2019s capacity have been taken, which include increasing the number of coaches per operation to eight from four as well as the frequency of train operations to 36 from 31.
\n\u00a0<\/p>\n
Shophouse market to underperform in 2023<\/p>\n
The shophouse market is expected to register weaker transaction volume this year compared to 2021 and 2022, as investors bid their time amid the limited selection of choice shophouse units available for sale and firm prices due to previous growth, reported Singapore Business Review.
\nMoreover, the flight-to-safety mindset among investors following the pandemic has also waned, said PropNex.
\nIn Q3 2023, shophouse sales dropped 19% quarter-on-quarter to 38 deals. This brings the total deals for the first nine months of 2023 to 117 worth almost $1.1 billion, down from 155 deals worth $1.3 billion over the same period last year.
\nPropNex stated that the shophouse market appears \u201con track to underperform the stellar sales achieved in 2022 and 2021\u201d, when 191 and 253 deals were closed, respectively.
\nIt also expects leasing activity to slightly ease this year amid the higher rentals and more cautious environment due to muted economic growth outlook.
\nShophouse median rentals moderated by 3.98% quarter-on-quarter to $5.97 psf per month in Q3 2023.
\nNonetheless, PropNex expects the shophouse investment sales market to remain \u201cfairly resilient\u201d, on the back of support from investors seeking to add a defensive asset in their portfolio and occupiers seeking space for business operations post-pandemic.
\n\u00a0<\/p>\n
New industrial supply to outweigh demand<\/p>\n
Landlords, particularly of new industrial projects, may have to lower rents to attract or retain tenants, reported Singapore Business Review.
HDB Resale Price Growth Slows, up 1.3% In Q3 2023, Private Home Prices Post Marginal...<\/p>\n","protected":false},"author":1,"featured_media":140077,"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-140076","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\/2023\/10\/singapore-hdb-landscape-1.jpg?fit=820%2C410&ssl=1","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-Ari","jetpack-related-posts":[{"id":111882,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/private-home-prices-hdb-resale-prices-up-in-q3-2019\/","url_meta":{"origin":140076,"position":0},"title":"Private home prices, HDB resale prices up in Q3 2019","date":"October 25, 2019","format":false,"excerpt":"\r Meanwhile, buyer demand for\u00a0HDB resale flats has remained surprisingly resilient, with 6,264 resale flats changing hands, which is almost on par with the 6,276 units transacted in Q2 2019. Despite rising global uncertainties, the impact of additional cooling measures and lukewarm consumer sentiment, Singapore\u2019s real estate market continued to\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i2.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2019\/10\/ura-property-price-index-q3-2019-singapore.png?fit=550%2C283&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":122742,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/hdb-resale-prices-transactions-up-in-q3\/","url_meta":{"origin":140076,"position":1},"title":"HDB resale prices, transactions up in Q3","date":"October 22, 2021","format":false,"excerpt":"\r Quarter-on-quarter, Q3 2021 HDB resale prices\u00a0increased\u00a02.9% while\u00a0transaction volumes increased 19.4%. Resale prices for Housing and Development Board (HDB) flats rose 2.9% in the third quarter of 2021, moderating from the 3% increase registered in the previous quarter, showed HDB data on Friday (22 October). 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Meanwhile, prices of\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2022\/10\/private-homes.jpg?fit=820%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":98874,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/hdb-resale-prices-on-decline-again\/","url_meta":{"origin":140076,"position":4},"title":"HDB resale prices on decline again","date":"October 1, 2018","format":false,"excerpt":"\r Resale flat prices rose slightly in Q2, but reverted to its declining trend in Q3. 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The Resale Price Index declined by 0.7 percent, compared to a 0.1 percent\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\/140076"}],"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=140076"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/140076\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media\/140077"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=140076"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=140076"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=140076"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\nThis comes as new supply surpass demand.
\n\u201cWith weaker demand relative to new supply, there is likely to be lower leasing interest and activity,\u201d said Colliers.
\nHuttons data showed that another 2.2 million sq m of industrial space may be completed in Q4 2023 and 2024. Between 2024 and 2026, Colliers also expect an average annual supply of 1 million sq m, exceeding the 0.7 million sq m average annual demand over the last three years.
\nCBRE said cautious sentiment has been evident among occupiers in Q3 2023, with most leasing activities driven by relocations and renewals.
\nHowever, some experts remain optimistic that leasing activities may pick up by end-2023, on the back of improving manufacturing economy.
\n\u201cEven though manufacturing output and contribution to GDP contracted during the year, industrial real estate indicators of occupancy levels, prices and rents have been resilient for most industrial property types, weathering the challenges of falling exports, supply chain uncertainty and a gloomy global manufacturing outlook,\u201d said Knight Frank.
\n\u00a0
\nLooking for a property in Singapore? Visit PropertyGuru\u2019s\u00a0Listings,\u00a0Project Reviews\u00a0and\u00a0Guides.
\nCheryl Liew, Content Marketing Manager at PropertyGuru, edited this story. To contact her about this story, email: cheryl@propertyguru.com.sg.
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…HDB Resale Price Growth Slows, up 1.3% In Q3 2023, Private Home Prices Post Marginal Increase of 0.8% In Q3 2023 and More<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"