Friday, June 29, 2012

Private resale home prices continue inching upwards

Straits Times: Fri, Jun 29
PRICES of private resale homes nudged higher again in May, maintaining a trend of recent months.

Overall, prices gained 1.5 per cent last month, buoyed by price rises of homes islandwide.

High-end homes in the central area inched up 0.8 per cent while mass market ones rose a stronger 2.2 per cent.

Prices of tiny shoebox units - about 500 sq ft or smaller - moved up 0.9 per cent in May, after dipping 0.8 per cent the month before.

The flash figures released yesterday in the Singapore Residential Price Index were compiled by the National University of Singapore's Institute of Real Estate Studies.

The monthly report measures a basket of non-landed completed private units and condominiums. It excludes executive condos, a public-private housing hybrid.

Property consultant Ong Kah Seng said that the overall price increase is 'within expectations', as sales activity and interest in resale homes have kept up since a pick-up emerged in March.

The R'ST Research director noted that the 2.2 per cent rise for non-central homes is partly a result of limited choices from fewer condo launches in May.

Another factor is improved buyer interest in homes which are attractively priced, like those below $1,000 psf, Mr Ong said...
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