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Wednesday, November 30, 2011

Singapore private resale home prices remain flat

SINGAPORE: Resale prices of private homes rose a touch last month, reversing a slight dip in September, but the overall trend suggests a period of flat values.

The new Singapore Residential Price Index (SRPI) flash figures out yesterday showed that prices rose 0.9% last month, rallying from a 0.1% dip in September. The overall SRPI which tracks a basket of completed non-landed projects points to a cautious market, with monthly price movements mostly fluctuating within a range of just 1% or less this year.

Prices of centrally located homes, excluding small apartments of less than 500 sq ft, posted a gain of 1% last month compared with the 0.4% dip in September. Non-central area values rose 0.8%, building on September's 0.1% increase. Prices for small apartments inched back 0.9% after a 3.5% drop in September.

Experts offered various reasons for the trends seen in the SRPI index, which is compiled by the National University of Singapore.

DTZ head of Asia-Pacific research Chua Chor Hoon noted that the index's ups and downs could be due to its nature as a monthly snapshot, and there were fewer caveats lodged in October.

Chesterton Suntec International research head Colin Tan said the fluctuation could be due to prices reaching a turning point.

“The underlying trend is still up ever so slightly. This is to be expected as there is still positive economic growth,” he added, suggesting that there could be a to-and-fro between the HDB resale and private resale mass market segments.

By The Straits Times

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