PropertyGuru Launches GSS Campaign – Brings “Cooling Measures” as Home Prices Heat Up

SINGAPORE, 5 June 2018 - PropertyGuru Group, ("PropertyGuru" or the "Group"), Asia's leading online property company, today released the PropertyGuru Property Index Q1 2018 report and launched the fifth edition of the PropertyGuru Great Singapore Specials (PGSS) campaign. 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 home buyers. 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 Vew 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 favours 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 islandwide to help Singapore consumers beat the heat. PropertyGuru will also launch "Game of Cones" - an interactive mobile game where players can have fun customising their own virtual ice cream cones - and access the property offers available.

This initiative comes on the back of PropertyGuru's recent brand refresh, which reflects PropertyGuru's role as a trusted advisor - empowering consumers to make smarter decisions through technology. Key features of the refresh included all-new websites and mobile apps, with industry-first Artificial Intelligence (AI) features that help make every property search a highly personalised and intuitive experience.

Interested buyers can find out more about the attractive property deals available via the PGSS microsite.

- END -

For further queries or media interviews, please contact:

About PropertyGuru Group

PropertyGuru Group is Asia's leading online property company and the preferred destination for over 25 million property seekers to find their dream home, every month.  PropertyGuru and its group companies empower the property seekers with the widest option of more than 2 million homes, in-depth insights and solutions that enable them to make confident property decision across Singapore, Malaysia, Thailand, Indonesia and Vietnam.

PropertyGuru.com.sg was launched in 2007 and revolutionised the Singapore property market by taking it online and made property search transparent for the property seeker. Over the decade, the group has grown from a regional property media powerhouse to a high-growth technology company with a robust portfolio of No.1 property portals, award-winning mobile apps; best-in-class developer sales enablement platform, ePropertyTrack and a host of industry-leading property offerings such as awards, events and publications - across multiple countries in Asia.   

For more information, please visit PropertyGuruGroup.com