The full article can be found in The Straits Times, Top of The News Section, Page A3, 3 April 2018.
While the prices of resale flats declined, the private property market registered the sharpest rise in prices since 2010. This indicates a positive market recovery.
Most of the home buyers and sellers observed the ever-increasing land prices paid by developers in the past year and deduced that future residential property prices will be significantly higher. As a result, some sellers have increased their asking prices, while some buyers are eager to buy before further increase in prices.
With that, not only will the transaction volume pick up, the overall private home price index is expected to increase as well.