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Resale prices for Singapore's non-landed private homes up 0.5 pct in June

Xinhua, July 12, 2016 Adjust font size:

Resale prices for Singapore's non-landed private residential flats rose 0.5 percent in June month-on-month, according to estimates released by Singapore Real Estate Exchange (SRX Property) on Tuesday.

SRX Property said the rise applied across all locations in June month-on-month, and this marks the fourth consecutive monthly price increase.

Resale prices inched up by 0.9 percent in downtown area, 0.3 percent in city fringe and 0.5 percent in suburban area on a month-on-month basis.

SRX Property said resale prices for Singapore's non-landed private homes in June were up 1.1 percent compared with the same month last year.

Resale prices for private homes in downtown area increased 9.2 percent, while resale prices for homes in city fringe and suburban area recorded a decline of 0.8 percent and 1.5 percent respectively.

Overall, resale prices in June were down by 5.9 percent when compared with the recent peak in January 2014.

As for volume, an estimated 754 non-landed private residential units were resold in June, a 1.2 percent decrease compared to the 763 units resold in May. While on a year-on-year basis, resale volume in June was 27.4 percent higher compared to 592 units resold in the same period last year.

Compared with the peak in April 2010, resale volume was down by 63.2 percent compared to the 2,050 units resold at that time.

The overall median Transaction Over X-Value (TOX), which measures whether people are overpaying or underpaying SRX Property's estimated market value, rose from -8,000 Singapore dollars (-5,899.2 U.S. dollars) in May to -7,000 Singapore dollars (-5,178 U.S. dollars) in June. This increase in median TOX marks the third consecutive monthly improvement, added 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