According to flash estimates for the NUS Singapore Residential Price Index, prices of completed non-landed private homes are seen stabilising after falling for five straight months, though the downward pressures still remain. Their values rose 0.1 % in October over September, after rising 0.3 % in September.
The trend is due to increasing buyer interest in resale properties over the past half year as developers cut back on launches. 1,400 resale transactions of private non-landed homes were made in the third quarter with a total value of $2.66 billion, up from over 1,150 valued at $1.91 billion a year back. The sweet spot for sales is price quantum of below $1.5 million.
For completed non-landed homes in the central region (districts 1 to 4 and 9 to 11), the rise in October was supported by a 0.3 % upwards in prices after prices had fallen 0.3 % in September Prices of units outside this zone were unchanged in October after rising 0.6 per cent in September.
Prices of small units of up to 506 sq ft fell 0.6 % in October, after falling 0.7 % in the preceding month.