Private home resale prices drop 0.4% in Feb, dragged down by 'shoebox' units

Resale homes in Singapore changed hands at lower prices last month, dragged down by prices of smaller homes known as shoebox units, such as these at Thomson V. -- ST FILE PHOTO: PANDORA WONG
Resale homes in Singapore changed hands at lower prices last month, dragged down by prices of smaller homes known as shoebox units, such as these at Thomson V. -- ST FILE PHOTO: PANDORA WONG

Resale homes in Singapore changed hands at lower prices last month, dragged down by prices of smaller homes known as "shoebox" units.

Overall resale prices fell 0.4 per cent in February from the preceding month, according to estimates from the National University of Singapore's (NUS) Singapore Residential Price Index (SRPI) on Friday.

Last month's decline follows a revised 0.4 per cent slide from December to January, according to the index, which monitors a basket of completed non-landed private home sales. This excludes executive condominiums.

Shoebox apartments, which are small units measuring 506 sq ft or less, posted a steeper dip of 1 per cent after falling a revised 0.5 per cent in January from December.

Prices of private homes in the central area fell 0.6 per cent last month, a milder decline than the revised 1 per cent tumble in January.

Suburban units recorded a slide of 0.2 per cent in February, reversing a 0.2 per cent gain in the previous month.