singapore property market review

Singapore Property Market 1st Half 2015

URA has just released the statistics for the performance of Singapore residential property market in the latest quarter 2 of 2015 – overall the property price index (PPI) has slipped another 0.9% to 144.2 after slipping 1.0% in the previous Q1.  This bring the overall fall in the index in 1st half of this year to 1.9%, and breaking this down further into the 3 regions tracked by the authorities, the PPI would have slipped -1.0%, -2.3%, -2.2% in the Core Central Region, Rest of Central Region and Outside Central Region respectively.

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At MortgageWise, we try to provide our clients with some updates on the residential property market and help make sense of such statistics in a more meaningful and personal way, rather than forming conclusions based on a broad-based index per se.  Properties are not created equal and some will rise or fall more than the rest.

With this purpose in mind, we have created our own basket of condos which we deemed iconic enough to be representative of prices in a particular precinct that is smaller than a whole central region or outside central region as defined by URA.  This would then allow you to see the actual variation in prices over time for particular condos.  However our illustration is nothing more than simple averages of all transactions done over 6-month periods and in cases where there are less than 5 transactions (marked with an asterisk) do take the reading with a pinch of salt.  We also highlight the highest psf achieved in the corresponding period.

PrecinctRepresentative CondosAve PSF 2015 1HAve PSF 2014 2HPrice ChangeHighest PSF 2015 1HHighest PSF 2014 2H
Orchard RoadArdmore Park*$2,837$2,6975.2%$2,981$2,843
Four Seasons Pk*$2,617$2,37810.1%$2,748$2,508
OrchardRes(ION)*$3,041$3,097-1.8%$3,041$3,097
Robertson QuayRivergate*$1,955$2,003-2.4%$2,011$2,309
Cosmopolitan$1,923$2,086-7.8%$2,114$2,086
Aspen Heights$1,485$1,541-3.6%$1,654$1,600
NovenaPark Infinia$1,863$1,8172.5%$1,950$2,066
Viva*$2,092$2,155-2.9%$2,092$2,155
Soleil@Sinaran*$1,741$2,044-14.8%$1,741$2,262
Marina BayThe Sail$1,894$2,051-7.7%$2,061$3,122
Marina Bay Res*$2,953$2,15736.9%$3,665$2,417
Marina Bay Suites$2,451$2,699-9.2%$2,948$2,699
Sentosa/KeppelOceanfront*$1,739$1,7230.9%$2,055$2,079
BerthByTheCove*$1,291$1,390-7.1%$1,383$1,550
Caribbean$1,524$1,563-2.5%$1,634$1,779
Outside CentralCostal Del Sol$1,230$1,329-7.4%$1,436$1,430
Kovan Melody$1,080$1,0740.6%$1,230$1,084
Grandeur 8$923$980-5.8%$1,019$1,076
One-North Res*$1,473$1,3697.6%$1,597$1,579
The Parc Condo*$1,179$1,241-5.0%$1,346$1,323

Note:
– Source of data : URA website
– Condos selected are those with high no of units (for liquidity)
– Those marked with * are condos with less than 5 transactions in the 6-month period which may skew the reading and analysis.

 

Looking at our own statistics we can draw a few conclusions or highlights :

  • Prices in the luxury area of Orchard seems to have bottomed out somewhat in fact registering a rise albeit there are less than 5 transactions in this half-year which may render the reading inaccurate. Also note that we are looking at iconic developments which tend to be the older ones.  I suspect the prices for some newly-TOP luxury ones (above $2500psf) to be still falling.
  • In the marina bay area, average prices at Marina Bay Residences has rebounded a strong 36.9% due to some transactions (3 out of 5) done at record prices above $3000psf for bay-facing units which is a feat in this market, testament to how property with unique selling points still attract buyers despite market conditions.
  • Elsewhere in Sentosa Cove, prices are still falling with only Oceanfront bucking the trend – again with almost all units fronting a perfect seaview this condo stands out from the rest.
  • The only surprise comes in the steep and biggest fall of 15% in average prices of Soleil@Sinaran condo at Novena precinct. This condo is right next to Velocity Mall which sits above an MRT station, and is also strategically located in medical tourism hub of Singapore.  To be the worst performing condo in our study comes somewhat surprising given such good attributes.  Perhaps to start with it is already overpriced on its 99-year leasehold status.
  • In the mass market, prices are still dropping 5-7% except for those near to an MRT station.

 

At MortgageWise, we seek to be your mortgage solutions partner and take pride in being able to give truly independent advice sometimes asking clients to re-price and stay with their existing bank if it doesn’t make sense for them to move. We may not get to do business with you the first time round, but we will try again. We strive to be your first choice mortgage partner in Singapore when you buy your next property. Meanwhile do sign up for our newsletter on our website and stay tuned to this blog as we bring you purposeful and proprietary news summary & insights.

 

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About Darren Goh

Darren Goh is the Executive Director of MortgageWise.sg, a thought leader in the Singapore mortgage industry, with frequent interviews and quotes by the press - Business Times, Straits Times, Zaobao and EdgeProperty for his views on the latest mortgage trends. He is an avid property investor with careers in banking & real estate before becoming an entrepreneur.
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