Singapore Property homeAccording to Urban Redevelopment Authority's (URA) latest flash estimates, prices of Singapore private residential homes fell by 0.4% in second quarter of 2016, compared to the 0.7% drop recorded from the previous quarter.

This interprets the 11th straight quarter of price drops, this losing streak is the longest falls on record.

The Rest of Central Region (RCR) and Core Central Region (CCR) saw prices of non-landed private home up by 0.3% and 0.2% respectively, while prices of non-landed private home Outside Central Region (OCR) recorded a 0.7% drop. Singapore landed property prices fell 1.3%, compared to the 1.1% fall recorded in the previous quarter.

According to the Head of CBRE Research, Mr Desmond Sim, price index of CCR has been tracking 2 quarters of increases, buoyed by the upcoming 99-years leasehold project Cairnhill Nine in first quarter of 2016, and completed projects in the higher price bands sales, although Core Central Region (CCR) covers a wide range of geography.

Meanwhile, the outcomes of new projects like Gem Residences and Sturdee Residences, have helped to increase the levels of price in the Rest of Central Region (RCR), Mr Sim added.

Singapore URA will issue the full statistics 4 weeks later.



Written by Siang Teck of Property Review. I can be contacted at [email protected]