The URA released its 2Q 2019 real estate statistics:

1. Residential non-landed prices rose +2.0% QoQ compared to the -1.1% fall see in 1Q 2019.
2. Central office rents rose +1.3% QoQ compared to the -0.6% decline seen in 1Q 2019.
3. Central retail rents fell -1.5% QoQ compared to the -0.2% decline seen in 1Q 2019.

Our thoughts: The price increase for non-landed residential homes were led by the core and rest of central region markets which recorded a 2.3% and 3.5% quarter-on-quarter as buyer appetite for mid to high end homes improved. This is was evident when One Pearl Bank sold 160 units or 80% of units launched over its initial weekend in late July at prices on average above S$2,000psf.