Singapore's completed condo prices drop 0.6% in August

PRICES of completed non-landed private homes in Singapore fell 0.6 per cent in August 2015 over July, according to the National University of Singapore (NUS) flash estimate for its Overall Singapore Residential Price Index (SRPI) released on Monday.

This is after the index dipped 0.2 per cent month on month in July, based on the revised index value for that month.

Price drops for non-shoebox units were similar across regions.

The sub-index for Central Region (excluding small units of up to 506 square feet) fell 0.7 per cent month on month in August, compared to a 0.3 per cent increase in July.

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) was down 0.5 per cent in August, following a 0.7 per cent drop in July.

Islandwide prices of small apartments and condo units (up to 506 square feet) were flat in August after rising 0.5 per cent in July.