According to the information released from the Singapore Residential Price Index (SRPI) on the 28 of August 2015, indicates that the resale value of privately owned homes in Singapore remain unchanged from July 2015. The SRPI tracks sale prices and home values of privately owned homes in Singapore, and are published by the Institute of Real Estate Studies at National University of Singapore. The steady market prices for the past month were preceded a 0.1 per cent drop in June, which was higher than the predicted 0.3 per cent decline.
According to SRPI research, during the first six months of 2015, sale prices of private apartments have slid 1.7 per cent. Last year in 2014, home values declined 3.7 per cent in the first half of the year, and 1.3 per cent in the second half. SRPI data predicts a total decline of 3 to 4 per cent for 2015 due to the increased construction of new housing.
This year, about 21,563 new homes will be scheduled for completion in Singapore, with another 21,043 slated for completion in 2016. Some of these new Singapore residential properties include Sturdee Residence (about 270 apartments units in District 8), Kovan New Launch by Cheung Kong (about 340 apartments in District 19), Thomson Impressions (District 20) and The Principal Garden at Prince Charles Crescent (District 3). About 96 per cent of these homes are non-landed.
Homes in the prime area of the central region saw no changes in value for the month, excluding small units. Home prices in the non-central regions, also excluding small units, fell 0.2 per cent. Prices for small, shoebox apartments with less than 506 square feet dipped 0.3 per cent from June.