Singapore's rental prices for public housing units and non-landed private housing units both fell in March from the previous month, the Singapore Real Estate Exchange (SRX) said Wednesday. Rentals for homes built by private developers dipped by 1 percent month on month in March.
However, the rental volume for private units increased significantly by 35.5 percent, with an estimated 4,331 units rented in March, higher than the 3,197 units in February, SRX said. Meanwhile, the rental prices for public housing flats built by the Housing and Development Board (HDB) dipped by 0.1 percent in March.
On a year-on-year basis, rental prices for HDB flats fell by 3. 9 percent. If compared to the peak in August 2013, the decline was 9.1 percent. The homes developed by private developers in Singapore are sold in a market separate from the public housing market, where the housing units are built by the government and sold to resident households with the principle of one unit for each household. About 80 percent of the resident population in Singapore live in such units.
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