Singapore home prices slide by most in more than seven years

SINGAPORE (Oct 3): Singapore home prices dropped by the most in more than seven years as developers offered discounts amid signals from the government that it won’t roll back property curbs initiated in 2009.

An index tracking private residential prices fell 1.5% in the three months ended Sept. 30 from the previous quarter, the biggest decline since June 2009. Prices fell for the 12th straight quarter, the longest streak of quarterly losses since prices were first published in 1975, according to preliminary data from the Urban Redevelopment Authority Monday.

The head of Singapore’s central bank, Ravi Menon, said last month that the city-state doesn’t plan to ease property curbs anytime soon, even as home prices have fallen 11% from a peak in September 2013 and sales have halved. That’s increasing the pressure on developers to offer discounts, payment programmes and other incentives to stoke sales.

---

Related Stories

• S’pore rejects bid for new business district over low price
• S'pore home prices rise again, defying sales slowdown
• GuocoLand awarded $779.5 mil tender for Upper Thomson land parcel

---