Singapore's public housing flat resale prices edge up in January
Xinhua, February 5, 2015 Adjust font size:
The resale prices of public housing flats built by Singapore's Housing and Development Board rose 0.6 percent month on month in January, the Singapore Real Estate Exchange said on Thursday.
It was also the first increase in 12 months, as the resale prices of such flats had been stabilizing amid tightening measures and ramped up supply.
Nevertheless, local broadcaster Channel NewsAsia quoted an analyst of the Singapore Real Estate Exchange cautioned that the price increase does not mean the market is rebounding.
"The increase has more to do with the up and down fluctuations that is associated with tracking prices on a monthly basis. We expect prices to be muted, at least for the first half of this year," said Eugene Lim, a senior executive.
The price increase was driven by four- and five-room flats, whose resale prices rose by 1.1 percent and 1.5 percent, respectively. In contrast, the resale prices for three-room and executive flats fell 0.9 percent and 0.6 percent, respectively.
Overall, prices have declined 5.7 percent from the same period a year ago and 9.4 percent from the peak in April 2013.
About 80 percent of the resident population in Singapore live in high-rise flats built by the Housing and Development Board and sold to local households under the basic principle of one unit per household. Endit