Uneven price falls for condo projects: URA

AN islandwide study by the Urban Redevelopment Authority (URA) on private non-landed home prices showed that 10 out of 46 projects saw double-digit declines in median prices from their 2013 peak. Of these, only two projects in the city centre marked declines of slightly over 20 per cent.

The wide dispersions of price falls across eight projects in the Core Central Region (CCR), from as low as 0.7 per cent in RV Residences to as high as 21.9 per cent in Helios Residences, translated into the CCR's median price fall of 8.9 per cent, the URA study shows.

These findings seem to support the argument that large price falls are confined to a few projects. Earlier on, some industry players have pointed out that luxury home prices have fallen 20 per cent last year from the 2013 peak.