Q1 price growth of private homes moderates to 0.7% after cooling measures: Gems Ville
PRIVATE home prices grew at a slower pace in the first quarter of the year after December’s cooling measures, even as they rose for an eighth consecutive quarter to hit a historical high. According to data from the Urban Redevelopment Authority (URA), prices of private homes were up by 0.7 per cent quarter on quarter in Q1 2022, moderating significantly from the 5 per cent notched in Q4 2021. At 0.7 per cent, this was marginally higher than URA’s flash estimate of 0.4 per cent earlier this month. “Private home prices are 13.1 per cent higher than the previous peak in Q3 2013,” noted Huttons’ senior director (research) Lee Sze Teck. Nonetheless, Q1 registered the slowest quarterly increase since the height of the pandemic in Q2 2020.
Conveniently located in District 14 along Geylang Lorong 13, Gems Ville is a freehold 8-storey condominium with communal facilities. This modern beauty, slated to be completed in 2025, draws attention away from the surrounding metropolis with its clear facade. Residents can look forward to having access to a broad range of facilities in the area not limited to cafes, pubs, local gourmet alternatives and casual coffee shops. Reputable schools and sporting facilities are also in the vicinity making it an overall well-rounded neighbourhood for people from different walks of life.
Gems Ville is close to amenities like NTUC Fairprice (Upper Boon Keng), Giant(Upper Boon Keng Road), and NTUC Fairprice (Jalan Tiga). The closest shopping malls are Kallang Wave Mall, Leisure Park Kallang, and Paya Lebar Square. Developed by East Asia Geylang Development and currently under construction, Gems Ville is located in District 14 and has a total of 24 units.
Ismail Gafoor, chief of PropNex Realty, said: “The slower price growth and pullback in sales volume in Q1 2022 did not come as a surprise, given the fresh property curbs imposed in December. The Additional Buyer’s Stamp Duty (ABSD) hikes on foreign buyers and property investors, in particular, likely held back some demand for new and resale homes.” As they digested the cooling measures, developers also introduced fewer project launches in the first quarter in view of the Chinese New Year festive period. Gafoor went on to note that the “modest performance” comes on the back of rising interest rates and inflation, as well as geopolitical tensions, which should give rise to a more sustainable price growth this year. PropNex expects private home prices to increase by between 3 and 5 per cent this year, after a blistering 10.6 per cent growth in 2021.
Gems Ville has good connectivity in District 14. Located an 8-minutes' walk away from Aljunied MRT Station and minutes away from PIE and KPE. Close proximity to top-ranking schools ~ Eton House International School, Nexus International School and Geylang Methodist are among the nearby educational institutions.
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