Singapore condo resale prices up 0.4% in May, volumes up too: SRX Property

RESALE prices of non-landed private homes in Singapore rose 0.4 per cent in May 2016 over the previous month, based on SRX Property's flash estimates for last month released on Tuesday.

This follows a revised 0.6 per cent month-on-month gain for April 2016 - which was slightly higher than the 0.5 per cent rise that SRX Property had indicated earlier based on its flash estimates for April.

Giving a geographical breakdown of May's price performance, SRX Property said on Tuesday that prices improved by 0.4 per cent in Core Central Region (CCR), 0.3 per cent in the city-fringe or Rest of Central Region (RCR) and 0.5 per cent in the suburbs or Outside Central Region (OCR).

Year on year, the May 2016 overall resale price index for non-landed private homes has inched up 0.2 per cent from May 2015. The CCR and RCR sub-indices posted year-on-year price gains of 4.7 per cent and 0.6 per cent respectively, while prices in the OCR slipped 2.0 per cent over the same period.

The overall price index for May is down 6.7 per cent from its recent peak in January 2014.

SRX Property estimated that 840 non-landed private homes were resold last month. This was up 35.7 per cent from the 619 units in April 2016 as well as 35.3 per cent more than the 621 units for May 2015.

"A significant contributor to the increase in volume is the greater number of resales at OUE Twin Peaks under the deferred payment scheme," SRX Property commented.

Last month's resale volume was 59 per cent lower than the peak of 2,050 units resold in April 2010.

SRX Property's data showed that the overall median transaction over X-Value (TOX) improved to negative S$8,000 in May 2016 from negative S$9,000 in April 2016.

The median TOX measures how much people are overpaying or underpaying against the computer-generated estimated market value or the so-called X-Value.