- According to the latest statistics by the Urban Redevelopment Authority (URA), Singapore’s private home prices rose 0.9% q-o-q in 2Q24, a downward revision of 20bps from the initial flash estimate of 1.1%, and also a moderation as compared to the 1.4% sequential increase registered in 1Q24.
Resilient but moderating private residential property price growth
- - Read this at SGinvestors.io -
- Resilient residential property prices have hurt homebuyers’ affordability, while demand from foreigners has been adversely impacted by higher property related taxes. We expect price growth to moderate further in 2H24, with a private residential price growth forecast of +1% to +3% in 2024.
New home sales by developers fell 44.2% y-o-y in 1H24 due to push back in new launches and shift in preference to resale units
- - Read this at SGinvestors.io -
- We note that the number of homes sold in the private resale market rose 16.0% y-o-y to 6,491 units, and accounted for 71% of overall private market transactions in 1H24. This trend, if it continues, does not bone well for City Developments.
City Developements to launch 2 new residential project in 2H24
- Read more at SGinvestors.io.
Above is the excerpt from report by OCBC Investment Research.
Clients of OCBC Securities may be the first to access the full report in PDF @ https://www.iocbc.com/.
OCBC Research Team OCBC Investment Research | https://www.iocbc.com/ 2024-08-05
Read also OCBC's most recent report:
2024-08-15 City Developments - Subdued Capital Recycling Backdrop.
Price targets by other brokers at City Developments Target Prices.
Listing of research reports at City Developments Analyst Reports.
Relevant links:
City Developments Share Price History,
City Developments Announcements,
City Developments Dividends & Corporate Actions,
City Developments News Articles
