Completed private apartment prices fall in Feb

PRICES of completed private apartments and condominiums in Singapore fell month-on-month again in February, retreating 0.5 % from the previous month after January's 0.2 % decline.

The figures are flash estimates released on Thursday by the National University of Singapore's (NUS) for its Singapore Residential Price Index (SRPI), which tracks prices of completed non-landed private homes.

The decline was driven by a 1.5 % decrease in prices for apartments in the central region, excluding small units. In January, the decline was 0.4 %. However, prices of apartments in the non-central region, excluding small units, rose 0.2 % in February to reverse a 0.1 % slip in January.

Prices of small units, defined as units which are no bigger than 506 square feet, fell 0.2 %, after a 0.7 % decline in January. The NUS Institute of Real Estate Studies, which developed the SRPI series, defines the central region as Districts 1 to 4 (including the financial district and Sentosa Cove) and the traditional prime residential districts of 9, 10 and 11.

Year-to-date, overall prices are down 0.7 %. Prices of larger apartments in the central region declined 1.9 %, while prices in the non-central region rose 0.1 %. Prices of small units also dropped by 0.9 %. On a year-on-year basis, prices in February 2019 gained 1.1 %.

Prices of larger apartments in the central region are down by 1.7 %, while prices in the non-central region grew 3.1 %. Prices of small units edged up 0.7 % from a year ago. The March flash numbers will be released on April 29.

Adapted From The Business Times, 29 March 2019