Rise comes after three months of zero or negative growth, SRPI shows The monthly Singapore Residential Price Index (SRPI) showed that prices of non‐landed private homes climbed 0.9 per cent in October 2011 - reversing a three - month trend of zero or negative growth.
The index, which is compiled by the National University of Singapore, tracks prices of completed projects. It showed that prices were flat in July, and then fell 0.2 per cent in August and another 0.1 per cent in September. The index is now at a fresh high. Analysts said that October's climb in the index was caused by resale home prices catching up to those fetched by new launches.
Yesterday's flash estimate showed that the SRPI Small index, which covers completed non‐landed private homes island - wide of up to 506 sq ft, rose 0.9 per cent in October after falling 3.5 per cent in September. Analysts noted that the SRPI Small unit sub - index could be more volatile than the other indices as the sample size for the index is likely to be limited.
The estimates also showed that prices in both the 'central' and 'noncentral' locations rose in October.
Prices of completed private apartments and condos (excluding small units) in the central region rose by one per cent, while prices in the non - central region (excluding small units) rose 0.8 per cent.
We believe the market is seeing a resurgent of foreign buying interest particularly for non - central properties. As the gap between new and completed properties widen, the latter is likely to be play price catch‐up in the near‐term.
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