Singapore Property Resale Prices Up Slightly

Online, October 7, 2012 (Newswire.com) - Resale prices of private homes in Singapore property market rises slightly in August. Prices of resale homes across the board in August rises, in contrast to July prices which showed an overall fall. The drop in July numbers has been attributed to the number of new residential project launches which lured buyers away from the resale market.

The buying sentiment is still healthy. Buyers are still eagerly visiting show flats of new launches and the spillover effects of buying interest has also pushed the prices in resale market higher.

Resale prices have risen about 1 per cent overall in August. In July, prices,fell 0.6 per cent. Some market observers have attributed the rise to increases number of new launches. Developers have the pricing power for new launches and when the new launches sell well, it will also boost the prices of homes within the neighborhood. Buyers who are unable or unwilling to enter the primary market (new launches) are increasingly open to options in the secondary market (resale market).

Prices for non central flats rose 1.5 per cent in August. Central region home rose 0.5 per cent. Prices of smaller apartments (also known as shoe box apartments, typically less than 500 square feet) rose 0.8 per cent. The buying sentiment in the secondary market remains healthy and there is still buying momentum in this segment.

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