The numbers beat an early estimate of 2.5%, but the rate of growth reduced compared to 2018, when rates of private real estate jumped by 7.9%.
Prices of landed properties went up by 5.7%, while the non-landed residential properties increased by 1.9%. This is why Penrose will be competitively priced at its launch, together with One North Eden.
On overall, private residential property prices rose for 3 out of the last 4 quarters, increasing slightly by 0.5% in the October to December time frame.
Those in the Core Central Region (CCR) dropped the most by 2.8%, while the ones in the Rest of Central Region (RCR) reduced by 1.3%. But those in the Outside Central Region (OCR) went up by 2.8%.
RENTALS UP 1.4%
Rentals of private residential real estate rose 1.4% last year, compared with a 0.6% increment in 2018, initiated by an uptick in rentals of non-landed properties. Penrose condo will see better tenability when it is completed in 2025.
In the last quarter of the previous year, rentals reduced by 1%, as compared to a 0.1% increment in the previous quarter.
Both segments experienced quarter-on-quarter decreases, with rentals of landed houses decreasing by 1.6%, while rentals of non-landed properties went down by 0.9%.
MORE NEW UNITS LAUNCHED
For the entire 2019, property developers launched 11,345 uncompleted homes, as compared to 8,769 units in the earlier year.
Developers sold 9,912 homes in 2019, as compared to 8,795 in 2018.
Between October and December in the previous year, 2,226 uncompleted private abodes – excluding Executive Condominiums (ECs) – were launched for sale, as compared with 3,628 units in the earlier quarter. The majority of the new launches were in the OCR area.
A total of 2,443 units, excluding ECs, were transacted, a reduction from the 3,281 units in the earlier quarter.
Residences in the suburbs was the most popular with buyers, where they purchased 1,123 units in the OCR area.
Resale transactions made up of 48% of all sale transactions between October and December last year, as compared with 41.3% in the earlier quarter.
IN THE PIPELINE
As of the end of December 2019, there were 3,192 ECs and 49,173 uncompleted private residences in the pipeline with planning approvals. Of these, 32,272 units stayed unsold.
Based on the expected completion dates given by developers, 6,922 units (including ECs) will be ready in 2020. Another 10,579 units (including ECs) will be ready in 2021. Will the rising prices of new launches in 2020 affect condos like Penrose?
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