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Singapore's private residential resale market continues to weaken in January

Xinhua, February 10, 2015 Adjust font size:

Singapore's non-landed private residential resale market continued to weaken in January, with prices falling and sales volume staying flat compared to last December, according to a flash report released on Tuesday.

Non-landed private residential resale prices dropped by 0.2 percent in January from the preceding month and 6.5 percent lower on year-on-year basis, showed the report released by SRX Property, an information exchange formed by real estate agencies.

The private residential properties in Singapore typically refer to those built by private developers. Transactions involving private residential properties are carried out in a market separate from public housing market.

Prices of non-landed private residential properties in the downtown area and the suburban areas fell while prices of such properties in the city fringes increased.

SRX estimated that around 370 non-landed private homes changed hands in the resale market last month, which is 2 percent higher than that of last December. On a year-on-year basis, the number was 25.9 percent higher.

About 80 percent of the resident population in Singapore live in units built by the Housing and Development Board and sold to eligible households. It is more tightly regulated than the private residential market. Endi