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Singapore's housing rental prices decline further in December

Xinhua, January 14, 2015 Adjust font size:

Singapore's rental prices for public housing units and non-landed private housing units fell further in December 2014, according to flash estimates reported on Wednesday.

The Singapore Real Estate Exchange (SRX) said in a report that rentals for homes built by private developers dipped by 0.8 percent month on month in December. It was the 11th consecutive month of decline. The rental volume for private units also fell by 2 percent.

Meanwhile, the rental prices for public housing flats built by the Housing and Development Board (HDB) dipped by 0.4 percent in December.

On a year-on-year basis, rental prices for HDB flats fell 2.1 percent in December. If compared to the peak in August 2013, the decline was 4.4 percent.

The homes developed by private developers in Singapore are sold in 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 units.

The residential property prices in Singapore had been weakening in recent months after the government put in place several rounds of tightening measures to cool the property market over the past several years. Endi