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Singapore's public housing flat resale prices decline in Feb.

Xinhua, March 5, 2015 Adjust font size:

The resale prices of Housing and Development Board (HDB) flats dropped 0.6 percent on-month in February, said Singapore Real Estate Exchange (SRX) on Thursday.

The prices of all property types decreased in February, except five-room flats which was unchanged. Resale prices for three-room and four-room flats dropped by 1.2 percent and 0.6 percent respectively, while executive flats experienced a 0.4 percent decline.

SRX Property said prices have declined 5.7 percent from the same period a year ago and 10.2 percent from the peak in April 2013 on the whole.

A total of 1,148 HDB resale flats were sold last month, an 8.5 percent decline from the 1,255 transacted units in January. The resale volume was up 20.7 percent compared with a year ago, SRX Property said.

The overall median Transaction Over X-Value (TOX), a measurement of whether people are overpaying or underpaying SRX Property's estimated market value, remained negative.

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. Endi