Small units lead price falls for completed condos
This is due to a more severe rental erosion for shoebox units than for other apartments, says analyst
Singapore
SMALL units have led prices falls for completed apartments and condos year to date as well as on a year-on-year basis, according to National University of Singapore's October flash estimates for its Singapore Residential Price Index (SRPI).
The series - minted by the university's Institute of Real Estate Studies (IRES) and which tracks prices of completed non-landed private homes - shows that the subindex for small units (up to 506 sq ft) islandwide eased 3.1 per cent between December last year and October 2015. This is a bigger decline than the 2.3 per cent and 2.1 per cent falls respectively over the same period for the respective subindices for Central and Non-Central regions (both excluding small units). The Overall SRPI has slipped 2.2 per cent year to date.
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