POSTED: 28 Mar 2013 2:34 PM


Prices of private resale homes dropped 1.4 per cent in February from January, after rising 0.8 per cent month-on-month in January.

This is according to the latest Singapore Residential Price Index (SRPI), which tracks prices of completed private apartments and condominiums.

The weaker SRPI data from the Institute of Real Estate Studies at the National University of Singapore (NUS) comes in the wake of the government’s latest round of property cooling measures introduced in January.

Resale prices of private homes in the central area saw the biggest decline, down 3.7 per cent last month. This comes after a 1.1 per cent climb in January. However, prices of units in the non-central region went up by 0.5 per cent, after increasing 0.6 per cent in January.

Meanwhile, the index covering small units of 506 square feet and below fell 0.1 per cent last month, after jumping 3.3 per cent in January.

Property consultants said buyers are adopting a wait-and-see attitude due to the higher stamp duties imposed by the government on foreigners, permanent residents and investors.

Christine Li, head of research and consultancy at OrangeTee said resale prices of private homes may decline further if low transaction volumes persist in the next few months.

– CNA/ac/ir