No luxury home price hikes for S'pore, HK
The
Straits Times | 14 May 2013
Prices of luxury homes
continued to rise across much of Asia in the first quarter, except in Singapore
and Hong Kong, where property market cooling measures deterred buyers
PRICES
of luxury homes continued to rise across much of Asia in the first quarter,
except in Singapore and Hong Kong, where property market cooling measures
deterred buyers.
The
capital values of high-end residences climbed 2.2 per cent on average across
nine Asian markets in the three months to March 31 from the preceding quarter,
consultancy Jones Lang LaSalle (JLL) said in a report yesterday.
Prices
were also 6.1 per cent higher year on year on average, noted JLL, which tracked
Beijing, Shanghai, Bangkok, Kuala Lumpur, Manila, Jakarta and Mumbai in
addition to Singapore and Hong Kong.
The
luxury segment here recorded a price dip of 0.6 per cent in the first quarter
from the preceding three months.
High-end
prices also fell 4.3 per cent in the corresponding period a year ago, making
Singapore the only market tracked where first-quarter home prices fell year on
year.
JLL
head of research for Singapore and South-east Asia Chua Yang Liang said in the
report yesterday that the Singapore high-end residential market "continues
to face price corrections".
Dr
Chua pointed to a seventh round of property curbs imposed by the Government in
January and noted that slower population and economic growth here are likely to
weigh down capital values.
The
priciest high-end condominium transaction this year, in per sq ft terms, was
for a unit at Ardmore Park, in the prime District 10. The 2,885 sq ft unit was
sold at $3,640 per sq ft (psf) for a total price of $10.5 million in February,
Urban Redevelopment Authority caveats show.
Prices
for high-end homes in Hong Kong dropped 1.1 per cent quarter on quarter but
were still 2.4 per cent higher from the preceding year.
Jakarta
had the biggest jump in luxury home prices in the first quarter, with increases
of 8.7 per cent from the preceding quarter and a stunning 32.9 per cent from
the preceding year.
Other
cities with solid price increases were Kuala Lumpur and Beijing, where prices
rose 6 per cent and 2.4 per cent respectively from the preceding quarter.
Ms
Jane Murray, the head of JLL's Asia Pacific research, said in the report that
Singapore's high-end property prices could fall by as much as 5 per cent over
the rest of this year.
Flash
figures released last week by the Singapore Real Estate Exchange showed that
city centre prices fell 1.9 per cent to $1,772 psf from March to April this
year after sliding 2 per cent from February to March.
Martin Koh | 86666
944 | R020968Z
Sherry Tang |
9844 4400 | R020241C
Senior Sales
Director
DTZ Property
Network Pte Ltd (L3007960A)
Email: marshe_inc@yahoo.com.sg
