Prices of completed condos, private apartments drop 0.3% in April: NUS index


The price drop in April was driven by a drop in prices for apartments in the central region, excluding small units, which saw no price change in March.
The price drop in April was driven by a drop in prices for apartments in the central region, excluding small units, which saw no price change in March.ST PHOTO: KUA CHEE SIONG

SINGAPORE - Prices of completed private apartments and condominiums in Singapore dipped 0.3 per cent in April from the previous month.

This is according to the National University of Singapore's (NUS) flash estimates for its Singapore Residential Price Index (SRPI) released on Monday (May 28).

The decline comes after prices rose 1 per cent month on month in March.

The price drop in April was driven by a 0.8 per cent drop in prices for apartments in the central region, excluding small units, which saw no price change in March.

The university's Institute of Real Estate Studies, which developed the SRPI series tracking prices of completed non-landed private homes, 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.

Prices for units in the non-central region were flat, after rising 1.7 per cent in March.

Prices for small units, defined as measuring not more than 506 sq ft,  dropped 0.6 per cent in April compared with an increase of 0.8 per cent in March.

To date this year, prices of completed non-landed homes have climbed 1.7 per cent, led by a 2.3 per cent increase for non-central locations, with a 0.9 per cent rise for the central region.

Year-on-year, overall prices are higher by 7.9 per cent, with apartments in the central region up by 9.1 per cent, while those in non-central locations saw prices increase by 7 per cent.

Prices of shoebox units have gone up by 2.1 per cent to date this year, and 3.1 per cent year on year.