By Romesh Navaratnarajah:
The Singapore Residential Price Index (SRPI) series released by the National University of Singapore (NUS) has revealed that suburban condos and private apartments – excluding small units – were the best price performers year-to-date.
The flash estimates for July also show that the sub-index for the Non-Central Region (NCR) increased 1.3 percent between December 2011 and July 2012. The sub-index for small units (up to 506 sq ft) dropped 0.1 percent while the sub-index for the Central Region (excluding small units) was the worst performer, recording a 3.9 percent decline.
Chua Chor Hoon, Head of Asia Pacific Research at DTZ, said the decline in the Central Region “reflects the price pressures in the region due to higher prices and an investor profile that is more concerned about global uncertainties”.
Based on July’s flash estimates by NUS’ Institute of Real Estate Studies, the overall SRPI dropped 1.1 percent year-to-date. The overall index for July fell 1.1 percent month-on-month from 0.1 percent in June.
For July, the sub-index for the Central Region (excluding small units) slipped one percent month-on-month, similar to the month of June, while the sub-index for the Non-Central Region (excluding small units) declined 1.3 percent.
For small units (up to 506 sq ft), the sub-index rose 1.1 percent month-on-month in July after a 0.9 percent dip month-on-month in June.
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