Resale prices of private non-landed homes increased 2.7% in February when compared with January 2013, according to flash estimates put out by the Singapore Real Estate Exchange (SRX).
SRX compiles data from 11 top property agencies in Singapore.
Leading the rise were properties in the suburbs. Resale prices of non-landed private homes in those areas rose surged 5.1% on-month to an average of $1,046psf in February, exceeding $1,000psf for the first time.
In the city fringes, resale prices rose 3.5% on-month to $1,272psf.
In contrast, resale private homes in the city or the core central region saw a decline of 4.7% month-on-month to reach an average per square foot of $1,788.
Despite price gains, only 325 resale transactions were recorded in February - a drop of more than 50% compared to January 2013. This was attributed to the Lunar New Year holidays in February.
Meanwhile, rental prices for non-landed private homes in February dropped by 1.3% compared with January. Rentals softened across all three regions, with units in city fringes recording the sharpest drop of 1.9%. The mass market segment saw rentals fall 1.6%, while the core central region reported a 0.4% dip.
SRX said small private apartments, commonly known as shoebox units in Singapore, bucked the trend of softening rentals for the entire non-landed residential market.
Rentals of shoebox units rose 1.8% in February. Units in the suburbs enjoyed a 101% rental price premium in per square foot terms over larger homes in the same areas.
Meanwhile, shoebox units in the city recorded a 63.0% rental price premium while those in the city fringes were rented at a premium of 66.8%, compared to larger homes in the same areas.
Source: Channel News Asia