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

Singapore's non-landed private residential resale market continued to weaken in April, with prices dropping 0.7 percent compared with the previous month, according to flash estimates from Singapore Real Estate Exchange ( SRX) on Tuesday.

On a year-on-year basis, resale prices decreased 4 percent from April 2014, and the prices have fallen 6.9 percent compared to the peak in January 2014, based on the report released by SRX Property, an information exchange formed by real estate agencies.

Resale prices of non-landed private homes in the downtown area and the suburban area decreased 0.1 percent and 1.5 percent respectively. In contrast, prices in the city fringes rose by 0.4 percent.

SRX said that resale volume was also down in April, with 440 non-landed private residential units changed hands in the market, which is a 2.7 percent dip compared with the previous month. But the volume was 1.9 percent higher compared with the 432 units sold in April 2014. Compared with the peak of 2,050 units resold in April 2010, resale volume was down 78.5 percent.

About 80 percent of the resident population in Singapore live in units built by the Housing and Development Board and sold to eligible households. The private residential properties in the city state typically refer to those built by private developers. Transactions involving private residential properties are carried out in a market separate from public housing market. Endi