Prices of completed private
non-landed homes in Singapore
This signalled a 5% drop in
NUS Singapore Residential Price Index (SRPI) from a year ago and a 9.4% fall
from the peak in July 2013.
The main drag to the NUS
SRPI in February published on Monday came from the Central Region, which NUS
defines as covering districts 1 - 4 (including the financial district and
Sentosa Cove) and the traditional prime districts 9, 10 and 11.
The sub-index for Central
Region (excluding small units of up to 506sqft) fell 0.7% month-on-month in
February. The NUS sub-index for small units of up to 506sqft showed a 0.2%
decline in prices.
NUS on Monday also published
the revised index values for January 2015 as more data became available,
showing the overall price index fell 0.9% month-on-month, smaller than its
earlier reported 1.6% fall.
Consultants note that
monthly reporting of non-landed residential prices is becoming more volatile
amid sharply reduced market transactions.
This rings even more true
for the NUS shoebox sub-index as fewer data points tend to increase the degree
of error in an index.
The number of sales
transactions involving units in the fixed basket tracked by NUS was 273 units
in February, of which only 3 were shoebox units.
But under NUS SRPI
methodology, prices of untraded units in the basket are marked-to-market based
on sales signals observed in the vicinity. Each month, the values of the
properties tracked are estimated using regression analysis of transacted prices
observed.
Its pre-determined basket
comprises private condominium projects that received temporary occupation
permit in the past 10 years, and projects with fewer than 40 units are left out
since they are less liquid.
Source: BT
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