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
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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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