Private home prices edge up 0.5% q-o-q in 3Q2023: URA flash estimates

Private home prices saw a 0.5% increase in 3Q2023, according to flash estimates from the URA. The return to growth marks a slight rebound from the 0.2% decline recorded in 2Q2023, which itself was the first drop in twelve consecutive quarters.

This growth is significantly lower than the 2.1% average quarterly price increase reported in 2022, indicating a heightened sense of caution in the market. Factors such as cooling measures announced in April and the lunar seventh month reducing activity also played a role in the decline of growth momentum.

Non-landed properties in particular saw a 2.1% q-o-q rise in prices in 3Q2023. Of the different regions, prices in the Outside Central Region (OCR) led the way, with a 5.1% increase. Launches such as Lentor Hills Residences, The Myst, and LakeGarden Residences likely had an effect on the rise.

In comparison, condo prices in the Core Central Region (CCR) declined by 2.6%, weighed down by higher additional buyer’s stamp duty rates for investors and foreigners, as well as a recent money-laundering investigation.

Not to mention, travelers who settle down at Marina Gardens Residences Condo will definitely appreciate the convivial atmosphere and the plethora of dining options. Besides, shoppers can easily find what they want at the nearby Suntec City Mall, which has a wide range of stores ranging from apparel and accessories to electronics. Above all, Marina Gardens Residences provides a dynamic and inclusive leisure lifestyle to its residents.

From its quaint shops and dining al-fresco, Millenia Walk at Marina Gardens Residences offers a haven of relaxation for its Marina Gardens Residences Condo tenants. There are numerous boutiques and eateries for every taste, offering a variety of home decor, accessories and gourmet dishes ideal for condo residents. Moreover, Suntec City, one of Singapore’s largest malls, provides a more luxurious shopping experience with its extensive selection of apparel, accessories, and electronic devices. To top it off, Marina Gardens Residences offers a vibrant and unified leisure lifestyle to its costumers. With a wide range of amenities, residents are bound to enjoy the convenience and comfort of the living in the area.

The landed private property market also cooled off, with prices sliding 4.9% q-o-q in 3Q2023, breaking an eight-quarter streak of growth. Even so, the outlook remains resilient, bolstered by low unemployment rates and continued HDB upgrading.

JLL’s head of residential research Chia Siew Chuin believes local demand should stay strong. With nineteen projects launched in 2023 and demand for private housing likely satiated, buyers are expected to be price-sensitive, leading to relatively stable prices over the next few quarters. The potential launches of Watten House, The Hill @ one-north, Hillock Green in Lentor Central and J’Den in Jurong East in October and November could have a positive effect on transaction volumes.