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Resale prices of Singapore's private homes down 0.3 pct in February

Xinhua, March 28, 2017 Adjust font size:

Resale prices of Singapore's private homes dropped 0.3 percent in February on a month-on-month basis, according to flash estimates released by National University of Singapore's Institute of Real Estate Studies (IRES) on Tuesday.

Singapore Residential Price Index (SRPI) showed overall prices fell 0.3 percent in February, after inching down a revised 0.1 percent in January.

IRES said resale prices of private homes in the central region, excluding small units, decreased by 1.0 percent month-on-month. While in the non-central region, resale prices edged up 0.3 percent.

As for small units, which have a floor area of up to 506 square feet, resale prices fell by 0.6 percent in after a 0.1 percent increase in January.

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