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Prices of small condo units up again

Prices of small condo units up again BY MINDY TAN TANMINDY@SPH.COM.SG

[SINGAPORE] Prices of small completed
private apartments (up to 506 sq ft)
climbed for the second month in a row to
hit a new peak in August, according to
the latest flash estimate from the National
University of Singapore (NUS). Market watchers agree that the data - the
Singapore Residential Price Index (SRPI)
for small units rose one per cent in
August, following a 2.1 per cent climb in
July - suggests that buyers are
gravitating towards smaller homes. Given that the absolute quantum of these
smaller format units are relatively
affordable even after factoring in the
effect of the Total Debt Servicing Ratio
(TDSR), it is not surprising that they are
favoured by buyers and entry-point investors, said Donald Han, managing
director of Chesterton Singapore. The brisk sales witnessed at
CapitaLand's Sky Vue attests to this. The
development, which was launched the
previous weekend, saw 410 of the 505
units released for sale snapped up on the
first day. The most popular units were the one-bedroom and two-bedroom units; the
average price of a one-bedroom unit was
$750,000, while a two-bedroom unit
averaged $933,000.

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