Singapore private home prices fall 14.1 pct in Q1

Harry Suhartono

Singapore private home prices fell 14.1 percent in the first quarter of 2009 compared to the previous quarter, as the city-state plunged into its worst ever recession, government data showed on Friday.

The drop marked the third quarterly decline in residential property prices, following a 6.1 percent slide in the last quarter of 2008 and a 2.4 percent fall in the quarter before that.

The decline in the first quarter was steeper than an initial estimate of a 13.8 percent plunge made earlier this month.

Private residential rents fell 8.5 percent in the first quarter from the previous quarter, the data showed.

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