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New home price index makes a light splash
Prices of non-landed private homes held steady in February, a new index set up to track residential property prices here shows. The Singapore Residential Price Index, or SRPI, showed that private home prices across the island rose just 0.2 per cent month-on-month in February 2010, after climbing 2.2 per cent in January. But the gains come on the back of a 22.2 per cent rise in 2009 - putting the index's current value just 0.4 per cent below its peak in November 2007. The new index, which is compiled by the Institute of Real Estate Studies at the National University of Singapore, was set up last week to serve as a resource for developing property derivatives in Singapore. It tracks month-on-month price movements in the private non-landed residential property market using a basket of 364 completed projects. By contrast, the official Urban Redevelopment Authority (URA) private residential property price index, which is released every quarter, includes transactions at new launches and sub-sales. According to the URA index, private home prices hit a recent high in the second quarter of 2008 - before falling for the next four quarters. Home prices then recovered somewhat, rising 15.8 per cent in Q3 2009 and 7.4 per cent in Q4. But the URA index is still some 6.6 per cent off its recent Q2 2008 peak. Analysts said that the SRPI moved up only slightly in February as most of the market activity centred around new launches. Developers sold 1,196 new homes in February 2010 (slightly less than the 1,480 new homes sold in January). But market watchers said that in the resale market (sales of units in completed projects) there was a larger month-on-month fall in the transaction volume. 'The new index is for completed properties and most of the price movements and market activity over the last few weeks have been seen for new launches,' said Colin Tan, director of research and consultancy at Chesterton Suntec International. 'Prices at completed properties are also more stable as these projects tend to draw a different type of investors as compared to new launches.' Tay Huey Ying, Colliers' director for research and advisory, similarly said that the index was flat in February 2010 as only properties completed between October 1998 and September 2009 are included in the basket. Associate Professor Lum Sau Kim, who leads the group that compiles the new index, said one key feature of the SRPI is that it is not too affected by new launches. It is also designed to not be unduly influenced by low transaction volumes in a quiet market. http://business.asiaone.com/Business/My%2BMoney/Property/Story/A1Story20100330-207638.html |
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