Resale prices of Singapore non-landed private homes slip 0.3% in Feb: NUS SRPI

SINGAPORE - Resale prices of non-landed homes in Singapore slipped 0.3 per cent last month, dragged down by softer prices of units in the city centre.

This was still an improvement from the dip of 0.9 per cent registered in January, when private home resale prices fell 0.9 per cent from December, revised figures from the Singapore Residential Price Index (SRPI) showed on Monday. Earlier estimates had indicated a 1.6 per cent drop in January prices.

Prices of private apartments in the city centre softened by 0.7 per cent, after shedding 1.2 per cent in January.

Shoebox units - defined as those with floor areas of up to 506 sq ft - lost 0.2 per cent in February after a 0.2 per cent improvement from January.

Prices of suburban units were the only outlier as they remained unchanged from January, after a 0.7 per cent slip in that month.

The index, compiled by the National University of Singapore, tracks a basket of completed homes across the island.