Resale private home prices dip 0.3% in February: NUS index

Private housing at Thomson Road.
Private housing at Thomson Road. PHOTO: ST FILE

SINGAPORE - Overall prices of completed private homes dipped 0.3 per cent in February compared to the previous monthly, after inching down a revised 0.1 per cent in January, flash estimates of the NUS Singapore Residential Price Index (SRPI) showed on Tuesday (March 28).

Excluding small units, prices of non-landed units in the central region declined 1 per cent month on month, overturning a 0.5 per cent increase in the preceding month. On the other hand, prices in the non-central region edged up 0.3 per cent, reversing a 0.6 per cent fall previously.

The central region refers to properties located in districts 1 to 4 and 9 to 11, while units in the other districts fall under the non-central region.

The SRPI also showed that small units measuring 506 sq ft or below saw a price decline of 0.6 per cent, after inching up 0.1 per cent in January.

Mr Ong Kah Seng, director of R'ST Research, said that the slight fall in resale prices is within expectations, with February being still within the post-Chinese New Year lull period.

He added that while sentiment may have improved since the start the year, the uplift is more noticeable for developer sales rather than for resale properties, where buyers remain fairly cautious.

"Buyers overall are anticipating major project launches in 2017 that will be offered at attractive prices after Chinese New Year, or projects that were launched in 2015 and 2016 where prices may be cut to clear stock," he said.