April resale prices of small apartments fall 1.2 per cent

Prices of small apartments measuring up to 506 sq ft dipped slightly by 1.2 percent in April, according to the Singapore Residential Price Index (SRPI) flash estimate published by the Institute of Real Estate Studies at NUS.

This is in sharp contrast to March, when the SRPI sub-index for small apartments saw a notable 2.7 percent rise. April’s overall SRPI inched up 0.8 percent from the previous month.

Analysts attribute the dip to a larger supply of small units in the market as well as a closer monitoring of the shoebox apartment segment by the government.

Jones Lang LaSalle’s research head (Southeast Asia), Chua Yang Liang, said: “We expect the resale prices of shoebox units to stabilise in the later part of the year, leasing demand is quite positive because total quantum is still low.”

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