The Urban Redevelopment Authority (URA) cited a decline of Singapore private homes prices for 12 successive quarters since 2013. Analysts associated the price decline with the recent rule of the URA to incorporate the net prices of sold housing units from delicensed housing projects especially among high-end homes located at the city centre.
The new rule requires developers to slash out any discount, reimbursement, rebate, allowance, benefits, voucher and payments before they can be allowed to submit the net prices of sold units. Apparently, this is URA's first time to include housing units' net price in delicensed projects.
The Business Times reported that analysts were also surprised with URA's flash estimates of a 1.5 decline in private home prices thus withdrawing further hopes of market shift after the mild price declines on consecutive quarters. This overall price decline in property market marked a drop of 10.8 percent since Q3 of 2013.
This new rule will likely to contribute a large decline in home prices specifically in the Rest of Central Region (RCR) and Core Cen