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Rents for Singapore's non-landed private homes down 0.6 pct in May month-on-month

Xinhua, June 15, 2016 Adjust font size:

Rental prices for Singapore's non-landed private homes decreased by 0.6 percent in May compared to the previous month, while rents for public housing flats built by Housing and Development Board (HDB) remained flat month-on-month, said Singapore Real Estate Exchange (SRX Property) in a flash estimates on Wednesday.

On a year-on-year basis, rental prices for private apartments were down 5.2 percent in May generally. Rents for private apartments in the city fringe saw the biggest drop, an 8.1 percent decline, while those in downtown area and suburban area slipped 1.5 percent and 6.5 percent respectively.

Rental volume for non-landed private homes rose by 5.8 percent month-on-month, with about 4,400 units rented out in May, compared with 4,158 units in April this year.

As for HDB market, SRX Property revealed that rents in May was flat compared with that in the previous month. Rental prices for three-room flats remained the same. Rents for four-room flats rose 0.4 percent in May. On the contrary, five-room and executive flats posted a 0.1 percent and 1.5 percent drop respectively.

HDB rents dropped by 3.8 percent in May on a year-on-year basis, which was a 9.7 percent decline compared to its peak in August 2013, said SRX Property.

On HDB rental volume, it saw a 1.5 percent increase in May month-on-month. It was estimated that 2,005 HDB flats were rented out, compared to 1,975 units in the previous month.

About 80 percent of the resident population in Singapore live in units built by HDB and sold to eligible households. The public housing market is more tightly regulated than the private one. Endit