Price approx. 0.3% Increase in April on Private Apartments
The statistics is credible, coming from the stable of NUS SRPI (Singapore Residential Price Index). They can be trusted to be accurate when measuring indices that have to do with Condo sales in Singapore.
This new positive rebound comes on the heels of poor performances from the month of February to March. In fact, it was a drop of 1.1% when comparing the roll over from February to March. This new found development is described by experts in the field as a technical rebound. No wonder various developers have been reaping handsomely on new launch condo units such as the Kingsford WaterBay, Sims urban oasis, cityscape Singapore, and Mon jervois.
Still dwelling on the performance of the sales of the new launch Condo for private homes for the month of March categorized according to regions- the central and none central regions in Singapore; none of the sales for small units of not more than 506 sq ft rose beyond 0.5% index.
The sentiments are not strong enough; even the muscle of the force of demand is weak to make any appreciable impact. The turnaround for the month of April began from the central region. Condo for sale prices rose by 0.4% in comparison to what was obtained in March.
In the non central region, the momentum in pendulum swing is also going the positive direction. For small units there is an increase of 2.2% for the month of April. This is a good performance when placed at par with the story this time last year.
In the central region, going to the statistics obtained for sales then, the fall was 4.7%. But when placed side by side with what obtains now, there have been a drop of 1.9%; a glaring improvement over the previous year.
Going to the non-central region and when we look back with the aim of comparing the index for last year and now, there is also a marked improvement. For the previous year, it was a drop of 3.2% in that region in comparison to the 0.2% that was measured over the last twelve calendar months.
For the prices of small units in this index, over the past one year, prices dipped by 1.5% in the year preceding. Currently however, there is a decline of 5.3%.
Applying March 2009 as the base period for the measurement of this index, the following results were obtained:
- Central region rose by 30.9% in unit prices.
- None central region gained 57.7%.
- For the small units, the gain amounted to 62.8%.
In the final analysis when everything is summed up together, the results show that overall; it is a healthy 44.1% improvement over the year of reference-2009.
Without over flogging issues, going by statistical data, prices of residential buildings is indeed taking an upward swing.