Singapore's residential property prices decline in 2014

Singapore's residential prices fell in 2014 following increases of housing supplies and cooling measures put in place earlier, according to statistics released by authorities on Friday.

The resale prices of flats built by the Housing and Development Board (HDB), which house about 80 percent of the population, fell by 6 percent in 2014, while the number of resale transactions fell by 4.3 percent, according to the Housing and Development Board.

In the fourth quarter, the resale prices of such flats fell by 1.5 percent.

HDB flats were sold to resident households largely in line with the principle of one unit for each eligible household. It can be resold only after a few years of holding in a market that is separate from that for housing units built by private developers. The market for units built by private developers are typically high-end.

Also on Friday, statistics released by the Urban Redevelopment Authority showed that the prices for units built by private developers fell by 1.1 percent in the fourth quarter.

For the year 2014 as a whole, the private residential property prices fell by 4 percent. It was also the first year of overall price decline since 2008.

Authorities in Singapore put in several rounds of cooling measures and increased housing supply in the past several years to curb rising prices after the global financial crisis. Endi