Prices of completed non-landed residential properties in Singapore continued to fall in May 2015 as buyers held back their purchases due to the restrictive cooling measures and loan curbs, according to flash estimates of the NUS Singapore Residential Price Index (SRPI).
Across the island, prices dropped 0.6 percent last month, higher than the 0.3 percent decrease reported in April.
Excluding small units, prices of private apartments in the central region declined 1.0 percent in May, more than the 0.3 percent dip in the month before. But homes in the non-central region registered a smaller 0.1 percent slide after dropping 0.4 percent previously.
Meanwhile, prices of small units which have a floor area of 506 sq ft or below fell 1.3 percent after rising 0.4 percent in April.
The NUS price index for the central region tracks properties located in districts 1 to 4 and 9 to 11. Properties outside these districts fall under the non-central region.
Source: NUS Institute of Real Estate Studies.
Sales in the Outside Central Region (OCR) made the greatest contribution to new home sales in August, according to an OrangeTee report.
Sales in the OCR totalled 223 units making up 51.6 percent, while sales in Core Central Region (CCR) went down to 44 units and the Rest of Central Region (RCR) also dipped to 165 units, translating to 10.2 percent and 38.2 percent respectively.
“In August, the aggregate number of sales eased 42.9 percent, compared with the same period of last year.”
The report also noted the bestselling project in August was The Panorama , which sold 40 units out of 54 units launched at a median price of $ 1,249 psf.
Located at Ang Mo Kio, the 698-unit residential project is developed by Wheelock Properties Singapore and will be ready in 2019. The project is near CHIJ St Nicholas’ Girls School and is a short walk away from the upcoming Mayflower MRT station on the Thomson-East Coast Line.
Coco Palms in Pasir Ris was in second place, selling 23 units out of 30 units launched at a median price of $1,046 psf. “Noticeably, this development has seen quite decent monthly sales so far this year,” the report added.
The 944-unit project by City Developments Limited is slated to be ready in 2019.
Image source: thepanorama.org