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Rents for Singapore's private homes fall 0.6 pct in May

Xinhua, June 10, 2015 Adjust font size:

Singapore's rental prices for non- landed private residences fell by 0.6 percent in May compared with previous month, according to the flash estimates released by Singapore Real Estate Exchange (SRX) on Wednesday.

On a year-on-year basis, rents for private homes fell by 6 percent in May, which is an 11.7 percent decrease compared to its peak in January 2013.

Rents for non-landed private homes in the city fringes fell by 0.6 percent, and units in the suburban area saw a 1.5 percent decline. While units in downtown area bucked the trend with a 0.2 percent increase, said SRX Property in the flash estimates.

As for rental volume, an estimated 3,337 non-landed private residential units were transacted in May, which a 3 percent decrease compared with the previous month. Rental volume in May is 6.2 percent higher than the 3,142 units in the same period in 2014 on a year-on-year basis.

Meanwhile, rental prices for public housing units were flat in May on a month-on-month basis. Rents in May went down 2.3 percent year-on-year, which is a 6 percent decline compared with its peak in August 2013.

It's estimated that 1,798 public housing units were rented in May, a 1.6 percent increase from the 1,770 units in the previous month. Rental volume in May is 3.6 percent higher compared to 1, 735 units in the same time in 2014 on a year-on-year basis, SRX Property said.

About 80 percent of the resident population in Singapore live in units built by Housing and Development Board (HDB) 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