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Rents for Singapore's non-landed private homes down 0.6 pct in August

Xinhua, September 14, 2016 Adjust font size:

Rental prices for Singapore's non-landed private homes slumped 0.6 percent in August compared to the previous month, while rents for public housing flats also dropped 0.6 percent month-on-month, said Singapore Real Estate Exchange (SRX Property) on Wednesday.

Rents for private apartments in city fringe and suburban area in August sank 0.6 percent and 1.5 percent month-on-month respectively. In contrast, rents for private homes in downtown area rose 0.5 percent.

SRX Property said rental prices for private apartments were down by 4.7 percent in August year-on-year. In individual sectors, rents for private apartments in downtown, city fringe and suburban area decreased 0.6 percent, 5.7 percent and 7.1 percent respectively. Rents in August was 17.2 percent down compared to its peak in January 2013.

Rental volume for non-landed private homes rose by 3.4 percent in August month-on-month, with about 4,595 units rented out, compared with 4,443 units rented in July. While on a year-on-year basis, rental volume in August was 18.1 percent higher than 3,892 units rented in August 2015.

On HDB rental volume, it saw a 0.3-percent increase in August month-on-month. It was estimated that 1,719 HDB flats were rented out, compared to 1,714 units in the previous month. While on a year-on-year basis, rental volume in August lost 4.1 percent compared with the same month last year.

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 public housing market is more tightly regulated than the private one. Endit