Prices of resale, non-landed private homes in Singapore have increased 2.7 per cent in February compared with the month before.

City fringe home prices gained 3.5 per cent to an average of $1,272 per sq ft (psf) while suburban home prices rose 5.1 per cent to $1,046 psf in the same period, data from the Singapore Real Estate Exchange (SRX) found. This is the first time suburban prices have moved past the psychological level of $1,000 psf.

City centre home prices, however, bucked the trend, tumbling 4.7 per cent to $1,788 psf.

Despite price gains, resale volume during the Chinese New Year month of February fell by more than 50 per cent compared to January. According to flash figures, there were only 325 resale transactions in February.

On the public housing front, overall HDB Cash-Over-Valuation (COV) dipped $3,000 in February to end at $32,000. This was the lowest monthly COV since September last year.

Overall median resale price also softened to $450,000, a 2.2 per cent month on month decrease.