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Prices of completed apartments, condos fall 0.3% in June: NUS index

Tuesday, July 28, 2015 - 12:57
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Prices of completed non-landed private homes in Singapore dipped 0.3 per cent in June 2015 over May, according to the National University of Singapore (NUS) flash estimate for its Overall Singapore Residential Price Index (SRPI) released on Tuesday.

PRICES of completed non-landed private homes in Singapore dipped 0.3 per cent in June 2015 over May, according to the National University of Singapore (NUS) flash estimate for its Overall Singapore Residential Price Index (SRPI) released on Tuesday. This follows a month-on-month fall of 0.6 per cent for May, based on the revised index value for that month.

The sub-index for Central Region (excluding small units of up to 506 square feet) rose 0.3 per cent month-on-month in June, contrasting with a fall of 0.7 per cent in May.

Central Region is defined as districts 1-4 (including the financial district and Sentosa Cove) and the traditional prime districts 9, 10 and 11, by the university's Institute of Real Estate Studies (IRES), which created the SRPI series tracking prices of completed private apartments and condos.

The sub-index for Non-Central Region (again excluding small units) fell 0.9 per cent last month, following a drop of 0.4 per cent in May.

Islandwide prices of small apartments and condo units (up to 506 sq ft) also continued to ease, declining 1.1 per cent in June after slipping 1.5 per cent in May.

On a year-on-year comparison, the biggest decrease of 4.8 per cent was posted by the Central Region subindex, followed by a 3.8 per cent decline for small apartments. The Overall SRPI was 3.2 per cent lower in June this year, compared with the same month last year. In Non-Central Region, prices fell 1.6 per cent.

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