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Singapore's private home resale prices weaker in June

Staff writer |
The resale prices of residential properties developed by private developers fell by 1 percent in June from the previous month, according to the Singapore Residential Price Index.

The decline came after a month-on-month gain of 0.4 percent in May, according to the index compiled by the Institute of Real Estate Studies at the National University of Singapore.

The resale prices of the homes in the central region led the decline, with a fall of 1.5 percent in June from the previous month, prices in the non-central areas dipped 0.4 percent. The figures exclude prices for small units with a floor area of 506 square feet and below.

The homes built by private developers are typically high-end properties such as apartments and landed properties. About 80 percent of the resident population live in public housing units built and sold by the government to resident households, while most of the rest live in private properties.

The residential property market in Singapore has been stabilizing in recent months following a slew of cooling measures put in place by the government to curb speculation and fast price rises in recent years.