Home prices rose 0.3% QoQ in 2Q20

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The URA private residential price index in Singapore rose 0.3% QoQ in 2Q, after a 1.5% upward revision to an earlier released flash estimate on July 1, suggesting prices rose more significantly in the later part of June.

The increase was driven by a 3% rise in the non-landed city centre (CCR) segment. Meanwhile, public housing (HDB) resale prices rose 0.2% QoQ.

Unsold inventory (comprising mostly projects which have yet to launch) fell further, from 29k units to 28k units (2000-19 average: 35k), as home sales continued to outpace landbank replenishment. Vacancies were unchanged at 5.4%.

We think the uptick in home prices is likely a positive surprise to market expectations, that could help drive a narrowing of the gap between property developer share prices and their RNAVs.

Source: Morgan Stanley

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