Non-landed private home prices rise 0.9%

December 4th, 2011 at 10:08 pm

Prices of non-landed private homes in Singapore climbed 0.9 percent in October 2011, according to the monthly Singapore Residential Price Index (SRPI) compiled by the National University of Singapore (NUS).

The index, which tracks month-on-month prices of completed projects in the country, indicated that prices were flat in July, then declined 0.2 percent in August and another 0.1 percent in September.

“In the last three to four months, we have seen zero or negative price growth for resale homes, but during the same period, new launches continued to be priced strongly,” said Ku Swee Yong, Chief Executive of International Property Advisor.

“Resale prices could now be catching up.”

Meanwhile, the SRPI Small index, which covers completed non-landed private homes of up to 506 sq ft, also climbed 0.9 percent in October after declining 3.5 percent in September.

In addition, the estimates indicated that prices in both the “central” and “non-central” regions climbed in October.

Prices of completed condos and private apartments (excluding small units) in the central region grew one percent, while prices in the non-central region (excluding small units) climbed 0.8 percent.

Going forward, Ku said that resale prices are expected to trend upwards as new launches from property developers set benchmark prices in certain regions