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Prices for Singapore's private homes continue to fall in Q3: URA

Xinhua, October 3, 2016 Adjust font size:

Prices for Singapore's private homes continue to drop in the third quarter of 2016, with the private residential property index down 1.5 percent compared with the previous quarter, said Urban Redevelopment Authority (URA) in its flash estimate on Monday.

URA revealed that the private residential property index fell 2.1 points from 140.0 points in the second quarter of 2016 to 137.9 points in the third quarter. This represents a decline of 1.5 percent, compared with the 0.4 percent drop in the previous quarter. It is also the 12th consecutive quarter of decline.

The agency said prices of non-landed private residential properties declined by 1.8 percent in downtown area, compared to the 0.3 percent increase in the previous quarter. While prices for those in city fringe slid 1.3 percent, after registering an increase of 0.2 percent in the previous quarter, said URA. Prices for those in suburban area declined by 1.2 percent, following the 0.5 percent drop in the previous quarter.

As for landed property private homes, the price index dropped 2.2 percent from 156.6 in the second quarter of 2016 to 153.2 in the third quarter, according to the statistics of URA.

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 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. Endit