SG Property: Latest URA data showed that prices for private residential properties fell 1% q/q in 1Q15, registering its sixth straight quarterly price decline.
The decline was seen across the whole private housing sector, with non-landed properties in the Rest of Central Region (RCR) leading with a 1.7% drop. Meanwhile, prices for Core Central Regional (CCR) dipped 0.4%, while the Outside Central Region (OCR) slid 1.1%. Landed property prices slipped 0.9%.
Rentals for private residential properties also fell in tandem, as the rental index fell 1.7% q/q to 112.2, with the drop seen across all segments.
Overall, Maybank-KE continues to believe that the depressed high-end property market leaves it ripe for selective policy easing. Mass-market prices are still elevated, going by the recent launches of North Park Residences and Botanique at Bartley. This implies the cooling measures this market segment are unlikely to be lifted soon.
The house top picks are Wing Tai (Buy: TP $2.37), Ho Bee Land (Buy: TP $2.75) and City Developments (Buy: TP $11.40).