SINGAPORE, March 14 (Xinhua) -- Resale prices for Singapore's non-landed private residential flats rose 0.9 percent in February month-on-month, according to estimates released by Singapore Real Estate Exchange (SRX Property) on Tuesday.
The rise applied across all locations in February month-on-month. Resale prices for downtown area, city fringe and suburban area rose by 1.0 percent, 0.8 percent and 0.9 percent respectively on a month-on-month basis.
Year on year, SRX Property said resale prices for Singapore's non-landed private homes in February were up 1.8 percent compared to February 2016.
As for volume, an estimated 694 non-landed private residential units were resold in February, a 31.2 percent increase from the 529 units resold in January 2017. While on a year-on-year basis, resale volume in January was 77.9 percent higher compared to 390 units resold in the same period last year.
Compared with the peak in April 2010, resale volume was down by 66.1 percent compared to the 2,050 units resold at that time.
The overall median Transaction Over X-Value (TOX), which measures whether people are overpaying or underpaying SRX Property's estimated market value, decreased from -4,000 Singapore dollars (-2,826 U.S. dollars) in January to -10,000 Singapore dollars (-7,065.14 U.S. dollars) in February.
Private homes are those developed by private developers. About 80 percent of the resident households in Singapore live in public housing units built and sold by the government. The private homes are typically more expensive than public housing units.
