Price growth has eased amid tough times with private home prices up 3.8% in Q3 alongside Rezi 24

Price growth has eased amid tough times with private home prices up 3.8% in Q3 alongside Rezi 24

The increase in Q3, the 10th consecutive quarter of increasing prices, accelerated from 3.5 per cent in Q2 and was higher than the 3.4 per cent flash estimate by the Urban Redevelopment Authority (URA) earlier this month. Lee Sze Teck, senior director (research) at Huttons, expects private home prices to grow by a more moderate 1 to 2 per cent in Q4, although he forecasts full-year price growth to clock at between 9 and 10 per cent. Prices of private homes jumped by 8.2 per cent in the first three quarters of the year.

Besides Rezi 24 is a freehold condominiums that features 110 exclusive homes for the truly discerning. Proudly developed by the joinly adventure of KSH Holdings, SLB Development Ltd and Heeton Holdings Limited, Rezi 24 gives us the best of both worlds with the promise of a lifetime of happiness and serenity.

CBRE's head of research (Southeast Asia), Tricia Song, said: “The new measures could provide a favorable landing opportunity, with new and increased private home sales growth and Price growth will cool in the next six to 12 months.” In late September, the government introduced new property cooling measures to curb demand and ensure prudent borrowing. Still, Song doesn't expect a crash, as household balance sheets are healthy, unsold inventory is limited, and the rental market is supportive.

Cushman & Wakefield's head of research, Wong Xian Yang, also expects the pace of price growth to slow, but thinks developers are unlikely to drop prices on new launches. “Unsold inventory remains low, while land acquisition and construction costs remain high,” he said. Developers are likely to accelerate their launch and recalibrate their marketing strategies as demand is likely to be lower due to higher interest rates and the economic downturn.”

He estimates private home prices will increase by 8-9% this year, and then fall to 3-4% next year. Higher private home prices in the third quarter were led by landless home prices, which rose 4.4% in the third quarter after recording a 3.6% increase in the previous quarter.

Nestled in the serene environment by the city fringe with unmatched connectivity and amenities, Rezi 24 Condo for sheer convenience. By region, the non-CBD (OCR) home price increase was the strongest - at 7.5%, thanks to the big launches of AMO Residence, Lentor Modern and Sky Eden @ Bedok; These developments have recorded rapid sales, even at benchmark prices. The average price of units sold at these properties in Q3 was above S$2,100 per square foot (psf), as public projects benefited from demand from HDB upgraders.

Rezi 24 Condo

Possessing excellent facilities in Geylang, Rezi 24 Residences also offers reasonable and expected prices for an exclusive project. Meanwhile, landless house prices in OCR increased 2.1% in Q2. In the core CBD (CCR), landless house prices increased 2.3% in Q3, compared with 1.9% in Q2; In the rest of the Central Region (RCR), prices rose 2.8%, slowing from 6.4% in the previous quarter.

Lee noted that the widening price gap between CCR and RCR has led to more buyers buying homes in CCR. “As of Q3 2022, the estimated average psf (price) of new homes in the RCR is S$2,431, which is 13.5% lower than the average psf (price) in the CCR. Developers sold 562 units in CCR in Q3, despite only releasing 240 units for sale,” he said.

PropNex Realty CEO Ismail Gafoor says foreign buyers are still looking to residential property in Singapore as a means of preserving wealth, amid a robust Singapore dollar and rising inflation. high. Citing data from URA's Realis platform, he said that foreign buyers accounted for about 12% of new unlanded home sales in CCR and RCR in Q3 - up from 9% in Q2 and 6% in Q3.

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