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Singapore's private home resale prices slightly higher

Staff writer |
The resale prices for Singapore's non-landed homes developed by private developers in August rose by 0.4 percent from that in the previous month, according to flash estimates released by the Singapore Real Estate Exchange.




On a year-on-year basis, the resale prices for the non-landed private homes dropped by 5 percent. Compared with the recent peak in January this year, the decline was 5.3 percent.

The resale volume remained flat, with 418 non-landed private homes resold in August, similar to the 417 units in July.

Local broadcaster Channel NewsAsia quoted real estate agency OrangeTee as saying that it expects resale volume to pick up next year as owners do not need to pay the sellers' stamp duty if they bought their property in 2011, as the duty is imposed on property sold within four years of buying it.

As for rental transactions, the number of non-landed private homes rented out last month increased by 3.6 percent month on month to 3,539 units in August. Compared with a year ago, the rental volume improved by 25 percent. However, rental prices continued their fall, slipping 0.6 percent from the previous month. It was the seventh consecutive month of decline.

The homes developed by private developers in Singapore are typically more expensive. It is a market separate from the public housing market, where the housing units are built by the government and sold to resident households with the principle of one unit for each household. About 80 percent of the resident population in Singapore live in such spacious and comfortable public housing units.

The residential property prices in Singapore have shown signs of stabilizing in recent months after the government put in place several rounds of tightening measures to cool the property market.