A leader in online property portals in Asia, PropertyGuru Group has had a busy day with not only the release of the PropertyGuru Property Index Q1 2018 report but the launch of the fifth edition of the PropertyGuru Great Singapore Specials (PGSS) campaign as well. The report shows predictive rises in private property prices for this year that can be attributed to high demand and confident bids by developers.
The report predicts further rises in private property prices this year, propelled by high demand, robust en bloc activity and confident land bids by developers. To help prospective buyers beat this heating market, PropertyGuru is introducing its very own “cooling measures” this PGSS, bringing to property seekers a record total savings of over SGD 2 million this year.
Commenting on PGSS, Bjorn Sprengers, Chief Marketing Officer, PropertyGuru Group said, “We’re excited to launch our fifth edition of PGSS – bringing exclusive property deals with top developers to prospective homebuyers. Through PGSS, we provide an avenue to those who wish they had entered the property market before prices started heating up – and help property seekers look forward to home, today, at yesterday’s prices."
Home prices on the uptrend
According to PropertyGuru’s Property Index, the first quarter of the year saw Singapore property prices rise 3.4 percent to 102.6 in Q1 2018, from 99.2 in the previous quarter. This marks the fourth straight quarter of increases in supply pricing. Year-on-year, the Index recorded a 9.3 percent increase.
The downtown core and south-central regions, comprising districts 1 to 8, posted the highest quarter-on-quarter increase of 5.63 percent in asking prices. This was followed by prime districts 9, 10 and 11, which saw prices rise by 5.56 percent during the same period. Other regions which recorded notable increases in Q1 include Changi and Pasir Ris in the east (up 3.16 percent) and city fringe locations like Balestier and Geylang (up 2.74 percent).
While supply-side pricing rose in Q1 2018, housing supply in the market declined 16.3 percent in the first quarter. Supply is expected to see a pick up in the second quarter due to highly anticipated launches including Twin View at West Coast Vale, Amber 45, Margaret Ville in Margaret Drive and The Affinity at Serangoon.
More buyers are expected to enter the market this year, as owners of en bloc projects go on a search for replacement homes. Prospective buyers, anticipating further price increases, are also likely to enter the market sooner rather than later. Buyers should also keep an eye out for potential increases in interest rates, which might affect their ability to service their mortgage.
PropertyGuru Great Singapore Specials – Bringing the best property deals in town
To help prospective buyers identify smart buys in a hot property market, PGSS aims to help property seekers find the perfect home at the best price – even if the current property cycle favors sellers – by bringing the best and most exclusive discounts from top developers in Singapore.
A wide range of new homes covering different property types, from suburban new launches, ready to tenant city condos and beach-side landed homes are made available to homebuyers during PGSS. In addition to the best property deals, PropertyGuru will offer other “cooling measures” as part of PGSS – from free ice-cream to summer essentials distributed at roadshows held island-wide to help Singapore consumers beat the heat. PropertyGuru will also launch “Game of Cones” – an interactive mobile game where players can have fun customizing their own virtual ice cream cones – and access the property offers available.
This initiative comes in the wake of PropertyGuru's brand update, reflecting the company's role as a trusted advisor and empowering customers to make better decisions through the technology PropertyGuru offers. Key features of this brand upkeep include a new website and mobile apps, both with AI features that personalize all property searches and offer an intuitive experience for customers.
SOURCE PropertyGuru Group
Edited by Victoria Haviland
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