SINGAPORE, July 1 (Xinhua) -- Prices of Singapore's private residential property continued to decline in the second quarter of 2016, according to flash estimates released by the Urban Redevelopment Authority (URA) on Friday.
Overall, the private residential property index fell 0.6 of a point from 140.6 points in the first quarter to 140.0 points in the second quarter, said URA. This represented a decline of 0.4 percent, compared with the 0.7 percent decline in the previous quarter.
Prices of non-landed private residential properties rose by 0.2 percent in downtown area, compared to the 0.3 percent increase in the previous quarter.
In the city fringe, prices rose by 0.3 percent, while prices in suburban area declined by 0.7 percent, after registering a 1.3 percent decline in the previous quarter.
The flash estimates are compiled based on transaction prices given in contracts submitted for stamp duty payment and data on new units sold by developers up till mid-June. The statistics will be updated four weeks later when URA releases the full real estate statistics for the second quarter of 2016.
