{"id":140881,"date":"2024-01-02T08:12:19","date_gmt":"2024-01-02T01:12:19","guid":{"rendered":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/private-home-prices-up-2-7-in-q4-2023-hdb-resale-prices-climb-at-a-slower-pace-in-same-time-period-and-more\/"},"modified":"2024-01-02T16:18:20","modified_gmt":"2024-01-02T09:18:20","slug":"private-home-prices-up-2-7-in-q4-2023-hdb-resale-prices-climb-at-a-slower-pace-in-same-time-period-and-more","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/private-home-prices-up-2-7-in-q4-2023-hdb-resale-prices-climb-at-a-slower-pace-in-same-time-period-and-more\/","title":{"rendered":"Private Home Prices Up 2.7% in Q4 2023, HDB Resale Prices Climb at a Slower Pace in Same Time Period, and More"},"content":{"rendered":"


\nPrivate Home Prices Up 2.7% in Q4 2023, HDB Resale Prices Climb at a Slower Pace in Same Time Period, and More27 December 2023 to 2 January 2024
\nSingapore saw prices of private homes increase by 2.7% in Q4 2023, following a 0.8% growth and 0.2% decline in Q3 and Q2 2023, respectively\u00a0\u2013 showed flash estimates from the Urban Redevelopment Authority (URA). Meanwhile, prices of HDB resale flats increased by 1.0% in Q4 2023, marking its fifteenth consecutive quarterly growth.
\n\u00a0
\n1. Private home prices were up 2.7% in Q4 2023, bringing the full-year increase to 6.7%
\nSingapore saw prices of private homes increase 2.7% in the fourth quarter of 2023, following a 0.8% growth and 0.2% decline in Q3 and Q2 2023, respectively, showing flash estimates from URA.
\n\u201cPrice fluctuations across 2023 suggest that residential private property prices have close to peak,\u201d said Dr Tan Tee Khoon, Country Manager \u2013 Singapore, PropertyGuru.
\nThe hike in Q4 brings the price gain for 2023 to 6.7%, slowing from the 8.6% increase seen in 2022.
\nIn Q4 2023, prices for landed properties climbed 4.5%, while non-landed property prices rose 2.2%.
\nThe Outside Central Region (OCR) registered the highest increase in non-landed property prices at 4.6%, while the Core Central Region (CCR) saw prices grow at 4.2%. Prices in the Rest of Central Region (RCR), on the other hand, declined by 1.2%.
\nMeanwhile, transaction volume dropped by about 27% quarter-on-quarter in Q4 2023, with Dr Tan attributing the slower transaction activity to the year-end school holidays.
\nTransaction volume for the whole of 2023 fell by around 15% year-on-year (YoY), making it the lowest annual transaction volume since 2016.
\nLooking ahead, Dr Tan Tee Khoon expects property prices to remain high yet stable during the first six months of 2024, while demand is projected to maintain a consistent upward trend.
\nRelated article:\u00a0Singapore Property Market 2024: What Can You Expect? Watch Our Webinar
\n\u00a0
\n2. HDB resale prices climb at a slower pace compared to previous quarters in Q4 2023
\nPrices of HDB resale flats increased by 1% in Q4 2023, marking its fifteenth consecutive quarterly growth.
\nHowever, the hike is lower than the 1.3% growth registered in Q3 2023 as well as the 2.5% average quarterly growth posted in 2022.
\nHDB\u2019s Q4 2023 flash estimates showed that resale flat prices rose by 4.8% in 2023, significantly lower than the 10.4% hike in 2022.
\nResale transaction volume fell 2.3% to 6,440 in Q4 2023, making it the lowest Q4 volume since 2020. For the whole year period up to 28 December 2023, resale volume also declined 3.8% to 26,628.
\nDr Tan Tee Khoon noted that HDB resale price continued to be buoyant despite the drop in transaction volume \u201cmainly due to the number of HDB resale flat sales that fetched seven figures\u201d.
\nNotably, 128 million-dollar flats were transacted in Q4 2023, bringing the total number for 2023 to 464 units. This is higher compared to the 369 million-dollar flats transacted in 2022.
\n\u201cThat said, there are signs the market is likely to stabilise next year as the pace of price increase has slowed,\u201d said Dr Tan.
\nRelated article:\u00a0Singapore Property Market Outlook 2024 Overview
\n\u00a0
\n3. Temporary closure of street soccer court at Bedok North Road sparks debate online
\nThe closure of a street soccer court located at Block 422, Bedok North Road has sparked online debate, with some supporting the move while others bemoan the loss of \u201ckampung spirit\u201d, reported TODAY.
\nThe temporary closure was announced by Tan Kiat How, Member of Parliament (MP) for East Coast GRC and Vice-chairman of East Coast Town Council, citing late-night disturbances from soccer court users.
\nSome netizens felt that the move was extreme, while others thanked the MP for addressing the noise issue. Some people lament the loss of \u201ckampung spirit\u201d and consideration for neighbours.
\nMeanwhile, Tan shared that the town council is exploring alternative uses for the space.
\n\u201cAs the residents\u2019 profiles change, I can imagine that their needs may be different now, for example, wanting inter-generational space for them and their grandkids, exercise equipment for seniors, community garden,\u201d he said.
\n\u201cAs People\u2019s Action Party MPs, we always try our best to meet the needs of different groups of residents, across different life stages,\u201d he added.
\n\u00a0
\n4. Roselane Court in Tanjong Katong is on sale again for $23 million
\nRoseland Court, a freehold residential development in Tanjong Katong is up again for sale by tender, with a guide price of $23 million, revealed exclusive marketing agent Knight Frank Singapore.
\nThe development occupies a 1,119.9 sq m (12,054 sq ft) site that is zoned for \u201cResidential\u201d use under the 2019 Master Plan, with a gross plot ratio of 1.4.
\nThe site could be redeveloped into a new development with 18 units averaging 85 sq m, subject to the relevant authorities\u2019 approval.
\nMeanwhile, an adjoining private remnant land lot spanning 50.6 sq m (545 sq ft) may also be amalgamated with the plot, subject to the approval of authorities.
\nKnight Frank noted that the guide price works out to a land rate of about $1,320 per sq ft per plot ratio (PSF ppr), after taking into account the adjoining private remnant land, the land betterment charge and the 7% bonus gross floor area for balconies.
\nThe tender for Roseland Court closes on 12 January 2024.
\n\u00a0
\n5. Over 950,000 HDB households to get U-Save, S&CC rebates in January 2024
\nAbout 950,000 HDB households will get U-Save and Service and Conservancy Charges (S&CC) rebates this month to help defray the 2024 GST hike, carbon tax, and water price, revealed the Ministry of Finance (MOF).
\nNotably, lower- to middle-income households will receive twice their regular U-Save rebates as well as an additional $20 in January 2024 to cushion the impact of the hike in their utility bills.
\nThese additional rebates will be given quarterly from January 2024 to December 2025 as part of the $1.1 billion support package announced by Deputy Prime Minister and Minister for Finance Lawrence Wong in September 2023.
\nOn average, the U-Save rebates for 2023 amounted to around eight to 10 months of utility bills for those living in 1-room and 2-room HDB flats, and around four to six months of utility bills for those living in 3-room and 4-room HDB flats.
\nMOF shared that eligible households will also get an additional 0.5 months of S&CC rebate in January 2024.
\n\u00a0
\n6. Son loses in a suit for his \u2018share\u2019 in $4 million home
\nThe life story of a local rag-and-bone man is a testament to the adage of turning trash into treasure as the wealth he amassed from recycling enabled him to acquire four properties while raising 11 children, reported The Straits Times.
\nHe started investing in property in the 1980s, choosing the unconventional strategy of placing the properties under the name of his children to secure longer loan tenures from banks.
\nDespite his meticulous financial management and legal planning, a dispute still arose over his most valuable property \u2013 a $4 million home within the Bartley estate.
\nAfter his death, one of the sons sued for a share of such a home even as he has been living and holding it in his name. This comes as he was not named as one of the beneficiaries of the house in his father\u2019s will.
\nWith this, the High Court ruled in favour of the estate, underscoring the father\u2019s continued ownership of the house, which means the son had to vacate the premises.
\nDespite the conflict, the Judge noted that goodwill and familial bonds continued to exist among the siblings \u2013 which was far more important than legal victory.
\n\u00a0
\n7. Road Safety Community Park to get a facelift
\nThe Singapore Police Force has revealed plans to upgrade the Road Safety Community Park, reported CNA.
\nLocated at East Coast Park, the iconic park will be redeveloped and modernised in the coming years to adapt to the changing road and traffic environment.
\n\u201cWe plan to host families so that the children can learn road safety education alongside their parents and their grandparents,\u201d shared Superintendent Jimmy Law, who serves as the Commanding Officer, Road Safety branch of the Traffic Police.
\nDetails and timeline on the modernisation plan will be announced once relevant studies are completed, he said.
\nThe Ministry of Home Affairs recently called for a tender on project management and consultancy services for the park\u2019s redevelopment works.
\nThe move comes as road accidents resulting in fatalities or injuries increased to 3,542 in 1H 2023 from 3,169 over the same period in 2022.
\nDespite its dilapidated state, the park continued to host numerous school visits as well as the annual Traffic Games.
\nParents such as Eric Ngiow, expressed interest in participating in future programmes along with their children at the revamped park.
\n\u00a0
\n8. Government launches Industrial GLS for 1H 2024
\nThe Ministry of Trade and Industry (MTI) has launched nine industrial sites, with a combined area of 13.75 ha, for the 1H 2024 Industrial Government Land Sales (IGLS) programme.
\nOf these, five sites are offered under the Confirmed List, with a total area of 8.29 ha. The other four sites are on the Reserved List, totalling 5.46 ha.
\nConditions of sale and tender submissions for one of the Confirmed List sites \u2013 namely, Plot 8 Jalan Papan \u2013 are estimated to be available by January 2024.
\nMTI noted that two Reserve List sites \u2013 the 2.18ha site at Tuas Road and the 0.72ha site at Jalan Papan \u2013 are also on the 2H 2023 Reserve List of the IGLS programme.
\nNotably, JTC will serve as the sales agent for all sites.
\n\u201cThe Government will continue to release sufficient land through the IGLS programme to ensure an adequate supply of industrial space in Singapore,\u201d said MTI.
\nRelated article:\u00a0Government Land Sales (GLS) Programme Guide (Updated With GLS Sites for 1H2024 Singapore)
\n\u00a0
\n9. Prime office rents up 0.7% in Q4 2023
\nPrime Grade office rents within the Raffles Place\/Marina Bay precinct climbed 0.7% quarter-on-quarter in the fourth quarter of 2023, to average $11.13 PSF per month.
\nOn an annual basis, rents increased 4.1%, moderating from the 5.5% hike seen over the same period last year.
\nKnight Frank noted that office rents steadily increased during the first half of 2023, before easing in the second half as companies prioritised operational stability and business continuity.
\nMeanwhile, occupancy levels within the Raffles Place\/Marina Bay precinct remained high at 95.6% in Q4 2023. Overall CBD occupancy was at 94.6%, on par with the 94.4% registered in the previous quarter.
\nKnight Frank attributed the sturdy occupancy levels mainly to renewals and modest expansions since most businesses took a conservative stance during the quarter, balancing costs and revenues amidst a sluggish economy.
\nLooking ahead, Knight Frank said that while 2024 \u201cis expected to be better, the cautious optimism hangs in the balance with continued geo-political tensions and the risk of an escalation of military conflict in the Middle East\u201d.
\nWith most office occupiers likely to remain cautious in expanding, office rents are forecasted to grow more moderately at 1% to 3% for the whole of 2024.
\n\u00a0
\nLooking for a property in Singapore? Visit PropertyGuru\u2019s\u00a0Listings,\u00a0Project Reviews\u00a0and\u00a0Guides.
\nMarcus Lee, Content Executive at PropertyGuru, edited this story. To contact him about this story, email: marcuslee@propertyguru.com.sg.
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Private Home Prices Up 2.7% in Q4 2023, HDB Resale Prices Climb at a Slower Pace in Same Time Period, and More<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Private Home Prices Up 2.7% in Q4 2023, HDB Resale Prices Climb at a Slower...<\/p>\n","protected":false},"author":1,"featured_media":140882,"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-140881","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\/2024\/01\/hdb-flats-in-singapore.jpg?fit=820%2C410&ssl=1","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-AEh","jetpack-related-posts":[{"id":122353,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/hdb-resale-prices-to-increase-further-but-at-a-slower-pace\/","url_meta":{"origin":140881,"position":0},"title":"HDB resale prices to increase further, but at a slower pace","date":"October 4, 2021","format":false,"excerpt":"\r HDB resale prices to increase further, but at a slower paceHDB resale flat prices have grown 8.9% since the start of 2021, with the projected\u00a0year-on-year increase set at an estimated 10% to 12%. Property analysts expect Housing and Development Board (HDB) resale prices to continue to increase in the\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i1.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/10\/HDB-Singapore.jpg?fit=810%2C422&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":140881,"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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HDB resale prices also increased at a slower pace of 2.4% in Q1 2022. \u00a0 1) Private home\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2022\/04\/singapore-ann-siang-hill.jpg?fit=820%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/140881"}],"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=140881"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/140881\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media\/140882"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=140881"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=140881"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=140881"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}