{"id":28427,"date":"2016-10-04T10:30:52","date_gmt":"2016-10-04T03:30:52","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/home-price-drop-likely-due-to-new-reporting-rule-for-developers\/"},"modified":"2016-10-04T10:39:20","modified_gmt":"2016-10-04T03:39:20","slug":"home-price-drop-likely-due-to-new-reporting-rule-for-developers","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/home-price-drop-likely-due-to-new-reporting-rule-for-developers\/","title":{"rendered":"Home price drop likely due to new reporting rule for developers"},"content":{"rendered":"


\nPrivate home prices in Singapore have fallen for 12 consecutive quarters since peaking in 2013, URA data shows.
\nThe Urban Redevelopment Authority\u2019s (URA) flash estimates of a 1.5 percent drop in private home prices came as a surprise to analysts and erased hopes that the market may be bottoming out following several quarters of mild price declines, reported The Business Times.
\nSome analysts attributed the price declines, particularly of high-end homes within the city centre, to the recent move by the URA to include net prices of housing units sold from delicensed projects.
\nDelicensed housing projects have received their Certificate of Statutory Completion, with individual strata titles already issued to buyers. Previously, the URA did not require these projects to submit price transaction information. As such, the URA computed their prices based on other sources like stamp duty submissions. Some property consultants, however, believe that these may be slightly inflated.
\nUnder the new rule, developers are required to strip out any rebate, discount, allowance, reimbursement, voucher, benefits and payments before submitting the net prices of the units sold. This is the first time URA data has included the net prices of housing units in delicensed projects.
\nNicholas Mak, Executive Director at SLP International, believes the new rule contributed to the large drop in home prices in the Core Central Region (CCR) and Rest of Central Region (RCR).
\nHome prices in the CCR fell 1.8 percent, after increasing by 0.3 percent during the previous quarter, while RCR prices dropped 1.3 percent after posting an increase of 0.2 percent in Q2.
\n\u201cAs most delicensed projects which offer incentives and discounts are located in the CCR and some in the RCR, this has contributed to the relatively sharper fall in prices of non-landed properties in these regions . . . In the current market, such a change could result in a one-off larger than normal decline in the price index,\u201d said Mak.
\nNot everyone, however, agrees.
\nSavills Singapore Research Head Alan Cheong noted that the new price reporting rule does not explain the equally severe price decline registered in the Outside Central Region (1.2 percent) and the landed housing segment (2.2 percent), considering that there were few and no delicensed projects within these respective segments.
\n\u201cWhat has been surprising is not the direction that the index adopted, but the re-acceleration of the rate of price decline. For the quarter in review, all three regions registered price falls of well over one percent, which on a quarter-on-quarter basis, is a significant change.
\n\u201cThere will be a lot of variation and noise in this recovery, because the price trend line is so gentle that there will be more noise (than usual) and the market will see-saw,\u201d said Cheong.
\nThis is the 12th consecutive quarter of overall price declines seen in the property market, the magnitude of which is also the greatest over this period. Private home prices have fallen 10.8 percent since Q3 2013.
\n\u00a0
\nRomesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email\u00a0romesh@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Home price drop likely due to new reporting rule for developers<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Private home prices in Singapore have fallen for 12 consecutive quarters since peaking in 2013,...<\/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-28427","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\/p75ss1-7ov","jetpack-related-posts":[{"id":117472,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapore-private-home-prices-drop-1-1-in-q2\/","url_meta":{"origin":28427,"position":0},"title":"Singapore private home prices drop 1.1% in Q2","date":"July 1, 2020","format":false,"excerpt":"\r Flash estimate\u00a0from the Urban Redevelopment Authority (URA) showed that the private residential property index fell 1.1% in Q2 2020.\u00a0 The COVID-19 pandemic has continued to affect the Singapore housing market as private home prices fell for a second consecutive quarter. Flash estimate from the Urban Redevelopment Authority (URA) showed\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":30970,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/news-roundup-october-2016\/","url_meta":{"origin":28427,"position":1},"title":"News Roundup (October 2016)","date":"October 21, 2016","format":false,"excerpt":"\r \u00a0 \u00a0 Our top Singapore property stories. Shunfu Ville sale dispute could drag on, prove costly for owners The sale of Shunfu Ville, the largest en bloc deal since 2007, has hit a brick wall. Earlier in October, several newspapers reported that five households at the 358-unit residential development\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i1.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2016\/10\/Lendlease-unveils-1024x589.jpg?fit=1024%2C589&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":75567,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/private-home-prices-up-1-in-2017-ura-data\/","url_meta":{"origin":28427,"position":2},"title":"Private home prices up 1% in 2017: URA data","date":"January 2, 2018","format":false,"excerpt":"\r The price increase signals positive market sentiment for private housing.\u00a0 Private home prices continued to rise in the last quarter of 2017 by 0.7 percent, revealed latest flash estimates of the Urban Redevelopment Authority\u2019s (URA) price index. \u00a0 This is the same price increase as seen in the third\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":120189,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/ura-probes-into-agents-commission-rates\/","url_meta":{"origin":28427,"position":3},"title":"URA probes into agents\u2019 commission rates","date":"February 5, 2021","format":false,"excerpt":"\r URA probes into agents\u2019 commission ratesThe move comes amid a hike in commissions as well as market speculation of new\u00a0cooling measures\u00a0as residential property prices continue to increase despite economic woes. The Urban Redevelopment Authority (URA) has queried housing developers on the latest commission rates they pay property agents to\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i1.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/02\/property-agent-house-and-keys.jpg?fit=820%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":50819,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/landed-home-prices-drop-2-8-in-q1\/","url_meta":{"origin":28427,"position":4},"title":"Landed home prices drop 2.8% in Q1","date":"April 4, 2017","format":false,"excerpt":"\r Experts believe the latest URA data shows the private residential market is reaching its trough. Private home prices across Singapore fell 0.5 percent in the first quarter of 2017, the same rate of decline as in the previous quarter, according to flash estimates from the Urban Redevelopment Authority (URA).\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i2.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2017\/04\/Private-Residential-Property-Price-Index-Q1-2017.jpg?fit=929%2C541&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":108720,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/one-year-on-how-the-cooling-measures-came-and-shook-up-the-housing-market\/","url_meta":{"origin":28427,"position":5},"title":"One Year On: How The Cooling Measures Came And Shook Up The Housing Market","date":"July 4, 2019","format":false,"excerpt":"\r Today marks exactly one year since the Government dropped the surprise announcement that it was raising Additional Buyer\u2019s Stamp Duty (ABSD) rates and tightening Loan-To-Value (LTV) limits just after 7pm on July 5. The measures, which took effect the next day, came as a surprise, arriving just as property\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2019\/07\/higher-absd-rates.png?fit=851%2C617&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/28427"}],"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=28427"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/28427\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=28427"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=28427"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=28427"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}