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Prices of completed condos fell 1.6% in January: SRPI

PRICES of completed non-landed private homes in Singapore continued to dip in January 2015.

Flash estimates from the National University of Singapore (NUS) released on Monday showed that the Overall Singapore Residential Price Index (SRPI) eased 1.6 per cent month on month in January.

The sub-index for Central Region (excluding small units of up to 506 square feet) fell 1.9 per cent month on month in January. 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) fell 1.4 per cent in January.

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Islandwide prices of small apartments and condo units (up to 506 sq ft) slipped 0.6 per cent.

IRES also published the revised index values for December 2014, which show the Overall SPRI declining 1.0 per cent month on month. The Central Region sub-index shed 1.6 per cent while that for the Non-Central Region eased 0.5 per cent. The small unit index rose 0.5 per cent.