According to the Singapore Residential Price Index (SRPI) flash estimates by NUS, Singapore completed condominiums recorded an increase of price by 0.1 percent in the first month of 2016 as to December 2015.
The index showed that prices of completed units located at central region fell by 0.5%, contrary those in non-central region that rose by 0.5%. While for small size units with measures up to 506 sq ft, a rose by 0.6 percent was recorded.
Compared to December 2015, the revised index indicates that prices in all 3 segments drop on a montly basis. Prices in the small units fell by 0.3 percent, central region drop by 0.8 percent, while the non-central region posted a dipped of 0.6 percent. Overall, prices across the island decreased by 0.6%.
Notably, last December 2015 the revised index is based on the Basket 7, consists a total of 78,877 units of 429 private non-landed projects in 26 postal districts which completed from October year 2003 to December year 2013.
Moreover, the flash estimates for Jan 2016 is based from the latest Basket 8, that covers 574 residential projects of 111,811 units completed between October year 2003 to September year 2015.
According NUS Institute of Real Estate Studies (IRES) report, Basket 8 covers latest projects with greater amenities compared to the last basket.
The implement of the new basket effect on 29 February, while the composition will be revised every 2 years.