Resale prices of private homes flat in December: NUS index

SINGAPORE - Overall prices of complated private homes were unchanged in December from the previous month, after dipping 0.8 per cent in November.

This was according to the Singapore Residential Price Index (SRPI) flash estimates, released on Tuesday (Jan 31). The SRPI is compiled by the National University of Singapore's Institute of Real Estate Studies.

Resale prices of homes in the central region, excluding small units, declined 0.6 per cent month on month, while those outside the prime districts edged up 0.4 per cent.

Resale prices of small units, which have a floor area of 506 square feet or less, inched down 0.1 per cent, according to SRPI.

Mr Ong Kah Seng, director of property market research company R'ST Research, said the overall stagnant resale prices for December reflected the generally weak property sentiment, due both to the festive period and buyers expecting further price cuts by developers for new projects for launch this year.

He said also that the marginal price fall or limited price changes seen for completed properties in 2016 have - to a notable extent - been due to the trend in the last couple of years of more completed private homes being shrunken family-sized units or shoebox apartments. These, though smaller, have higher per sq ft prices.