POSTED: 28 Aug 2013 2:40 PM | UPDATED: 29 Aug 2013 12:17 AM | CNA

SINGAPORE

Resale prices of private homes climbed 0.2 per cent in July from June, reversing two straight months of declines.

In June, resale home prices declined 0.1 per cent from a month earlier.

The price growth in July was due to higher prices of transactions recorded in the non-central region and for small units, according to the latest Singapore Residential Price Index (SRPI) flash estimates published by the National University of Singapore’s Institute of Real Estate Studies.

Meanwhile, the prices of small units, defined as 506 square feet or less, jumped 2.0 per cent in July, compared to a 0.5 per cent dip in June.

Prices of resale homes in the non-central region rose 0.3 per cent, up from June’s 1.0 per cent increase.

Meanwhile, prices of resale private homes within the central region remained flat in July, compared to June.

SLP International Property Consultants’ Executive Director Nicholas Mak said the price increases, with the exception of small units, were very small. This indicated that the price trend for completed private homes in the non-central regions and nationwide were, on the whole, mostly flat.

Mr Mak said the price trends of private homes are projected to be mostly flat in the coming months.

Prices of private homes in the non-central regions could rise by 3 per cent to 5 per cent, compared to a year ago.

But real estate prices in the central region could see a drop of up to 2 per cent.

– CNA/xq/gn

http://www.channelnewsasia.com/news/singapore/resale-prices-of-private/792916.html