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Resale prices for Singapore's non-landed private homes up 0.4 pct in May

Xinhua, June 14, 2016 Adjust font size:

Resale prices for Singapore's non-landed private residential flats inched up 0.4 percent in May month-on-month, according to estimates released by Singapore Real Estate Exchange (SRX Property) on Tuesday.

On a year-on-year basis, resale prices increased by 0.2 percent in May. As for individual sectors, resale prices in downtown and fringe area increase of 4.7 percent and 0.6 percent year-on-year respectively. While suburban area recorded a year-on-year price decrease of 2.0 percent.

On resale volume, an estimated 840 non-landed private residential units were resold in May, which is an increase of 35.7 percent compared to the 619 units resold last month.

The overall median Transaction Over X-Value (TOX), which measures whether people are overpaying or underpaying SRX Property's estimated market value, fell to -8,000 Singapore dollars (-5,899.2 U.S. dollars), said SRX Property.

Private homes are those developed by private developers. About 80 percent of the resident households in Singapore live in public housing units built and sold by the government. The private homes are typically more expensive than public housing units. Endit