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SG Central region home prices fall after recent spikes

Property Here - Tuesday, July 30, 2013

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The NUS Singapore Residential Price Index (SRPI) for the Central Region fell 1.5 percent in June to 150.0 (excluding small units), putting an end to a rise for three consecutive months.

Overall, the private residential index which tracks prices of completed non-landed private homes excluding executive condominiums (ECs) stood at 162.0, down 0.4 percent from May. 

For the Non-Central Region (excluding small units), the SRPI was at 174.1, posting a 0.5 percent growth while small units dipped 1.0 percent to 179.8. 

“From our observation, the projects that contributed to the marked decline in the Central Region index in June include Alessandrea, Visioncrest and Watermark Robertson Quay. Some of the units in these projects have been transacted multiple times over the past few years,” said Lum Sau Kim, Associate Professor at the Institute of Real Estate Studies (IRES) at NUS.

He attributed the decline to a deleveraging effect arising from May’s announcement of a potential tapering of quantitative easing in the US.

 

Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories email romesh@allproperty.com.sg