Small apartments record 11.8% price jump

Small apartments in Singapore saw prices grow more than twice as fast as those of larger apartments in the Central Region last year. Prices of larger apartments outside of the Central Region also showed the same trend which, although similar to 2010 figures, was more noticeable last year.

The sub-index for small apartments on the island (which covers those of up to 506 sq ft) climbed 11.8 percent in 2011, according to flash estimates by the National University of Singapore (NUS) as part of their Singapore Residential Price Index (SRPI) series.

On the other hand, the sub-index for the Non-Central Region (excluding small apartments) rose 11.7 percent while the Central Region (excluding small apartments) grew 5.7 percent. The Central Region is composed of Districts 1 to 4, which covers Sentosa Cove and the financial district, as well as the prime residential districts 9, 10 and 11. The overall SRPI last year climbed 9.2 percent.

The sub-index for small apartments in 2010 rose 13.8 percent, while that of the Non-Central Region (excluding small apartments) surged 14.9 percent. The Central Region sub-index (excluding small units) climbed 7.7 percent, and the overall SRPI grew 11.7 percent.

Unlike the previous month, only the small apartments sector saw a gain (3.4 percent) in the sub-index in December. Sub-indices for the Non-Central Region and the Central Region slid one percent and 0.4 percent respectively, pulling the overall index down by 0.8 percent.

Source : PropertyGuru – 31 Jan 2012

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