Private Singapore apartment prices inch up in April

The central region pulls through in monthly increases, while the non-central region leads in annual growth

Prices of completed non-landed private homes in Singapore increased 0.2 percent in April, breaking away from flat growth in the previous month, according to flash estimates by the National University of Singapore (NUS) Institute of Real Estate Studies via The Straits Times.

Apartment price rises in Singapore’s central region, which includes Districts 1 to 4 and 9 to 11, primarily drove the monthly increase, revealed the institute’s Singapore Residential Price Index.

Prices of apartments in the region, excluding small units, inched up by 1.4 percent last month, up from an increase of just 0.1 percent in March, the Times noted.

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Outside the central region, prices of apartments (excluding small units) recorded a drop of 0.6 percent in April. Prices in the area had dropped by 0.1 percent in March.

‘Shoebox’ units, referred to as apartments smaller than 506 square feet (47 square metres), also saw their prices dip by 0.4 percent in April.

Overall prices are down 0.4 percent for 2019 so far, led by a decrease of 1.4 percent in shoebox unit prices. In the central region, prices of large apartments decreased 0.5 percent; those in the non-central region inched down 0.3 percent.

However, overall prices posted a 0.6 percent year-on-year increase, led by an increase of 0.9 percent for prices of large apartments in the non-central region. Prices in the central region inched up by 0.3 per cent. Small apartments registered a price decrease of 0.4 percent, however.