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Singapore private home prices down 1.1% q-o-q in 1Q2015

April 1, 2015 9:18 AM SGT

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SINGAPORE (April 1): Singapore private home prices fell in 1Q2015 for the sixth straight quarter as a slew of property cooling measures continued to keep buyers at bay.

Prices declined 1.1% q-o-q, according to flash estimates released today by the Urban Redevelopment Authority (URA).

This is the first set of data by URA computed using a revised methodology, which takes into account additional attributes such as a property's age and unit size.

Previous calculations were based on tenure, property type, completion status and location.

The last time URA revised the way it calculated its property price index was five years ago.

Based on the new methodology, prices of non-landed private homes in the core central region fell 0.6% in 1Q2015, while those in the rest of the central region declined 1.8%.

Prices outside the central region were down 0.9%.

Prices of landed properties retreated 1.1%.

URA's flash estimates are based on transactions in the first 10 weeks of the quarter.

Developers in Singapore have been struggling to clear unsold houses.

SingHaiyi Group said today it will sell its Corporate Residence subsidiary, the developer behind the freehold City Suites at Balestier Road, to the project's main contractor for $16.4 million.

Only 10% of City Suites' 56 units have been sold since the project was launched in May 2013.

Under the law, developers have to complete construction within five years from the time they bought land and sell all units in another two years. Failure to do so will result in penalties.

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