Prices of completed private apartments, condos fall 0.8% in May

PRICES of completed private apartments and condos fell 0.8 per cent in May over April 2016.

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

This contrasts with a 0.2 per cent month-on-month (m-o-m) increase in the index in April, based on the revised index value for that month.

The sub-index for the Central Region (excluding small units) fell 0.5 per cent m-o-m in May, contrasting with a 0.4 per cent rise in April.

The Central Region is defined as Districts 1-4 (including the financial district and Sentosa Cove) and the traditional prime residential districts of 9, 10 and 11 by the NUS's Institute of Real Estate Studies, which minted the SRPI series tracking prices of completed non-landed private homes.

In the Non-Central Region (again excluding small units), prices fell one per cent in May, after rising 0.1 per cent in April.

NUS's sub-index for small units of up to 506 sq ft islandwide also fell 1.1 per cent last month, after slipping 0.1 per cent in April.