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Prices of completed non-landed private homes up 0.1%

SINGAPORE — Prices of completed non-landed private homes increased marginally by 0.1 per cent in October over the preceding month, the Singapore Residential Price Index (SRPI) flash estimates released today (Nov 30) showed, dipping slightly from the revised 0.3 per cent month-on-month rise in September.

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TODAY file photo

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SINGAPORE — Prices of completed non-landed private homes increased marginally by 0.1 per cent in October over the preceding month, the Singapore Residential Price Index (SRPI) flash estimates released today (Nov 30) showed, dipping slightly from the revised 0.3 per cent month-on-month rise in September.

Prices of homes in the central region, excluding small units, rose 0.3 per cent, reversing September’s 0.3 per cent drop. Home prices in the non-central region remained unchanged, after rising 0.6 per cent in September. Prices of small units — those with a floor area of 506 sq ft and below — fell 0.6 per cent, extending the drop of 0.7 per cent in September.

The SRPI is compiled by the National University of Singapore’s Institute of Real Estate Studies.

“As private property resale prices continue to stabilise, it has been drawing home-buyers back into the market,” noted Mr Eugene Lim, key executive officer of ERA Real Estate.

“These purchasers have immediate housing needs and are buying primarily for owner-occupation rather than investment. Also, they are looking at resale units as they tend to be larger as compared to units from the new launch market.”

Price remains a key consideration for these buyers, Mr Lim said, adding that the sweet price spot remains below S$1.5 million.

With no indication from the government that existing cooling measures will be eased any time soon, this sector is unlikely to see large price movements.

“Going forward, we expect to see similar marginal price movements month-on-month as the factors that can cause a sustained, sizable price increase are absent,” Mr Lim said.

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