Prices of completed private apartments and condominiums were flat in October compared to September 2016, as the dip in prices of non-central units was offset by the uptick in prices of central units.

This is according to the National University of Singapore’s (NUS) latest flash estimates for its Overall Singapore Residential Price Index (SRPI) released on Monday.

The central region is defined as Districts 1-4 (including the financial district and Sentosa Cove) and the traditional prime residential districts of 9, 10 and 11 by the NUS’s Institute of Real Estate Studies, which minted the SRPI series tracking prices of completed non-landed private homes.

The latest statistics show that the sub-index for the central region (excluding small units) rose 0.2 per cent month on month in October, contrasting with a 1.2 per cent drop in September. In the non-central region (again excluding small units), prices fell 0.3 per cent in October, after rising 0.1 per cent in September.

ERA Realty Network’s key executive officer Eugene Lim said: “Despite headwinds affecting the economy and employment market, buying interest in centrally located properties remains keen.

“These are investors who are taking a longer-term perspective on Singapore’s property market, and they believe that centrally located properties are likely to fare better than non-centrally located ones over the long term, given the scarcity of land.”

He added, however, that on the whole, any quick recovery in prices over the short term is unlikely, given the weak economic environment. “Nonetheless, buying sentiment remains positive, with buyers likely to commit (to a purchase) if the price is right.”

Prices of completed private apartments and condos fell 0.5 per cent month on month in September. NUS’s sub-index for small units of up to 506 square feet islandwide also showed a 0.1 per cent increase last month, after falling 1.5 per cent in September.

Adapted from: The Business Times, 29 November 2016

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