Singapore home prices fell less than initially estimated in the first quarter, with an extended lockdown threatening to further push down values as the residential property comes to a standstill.
Housing prices fell one per cent in the three months ended March 31, data from the Urban Redevelopment Authority released Friday showed. That compares to a preliminary estimate of a 1.2 per cent decline.
The city-state, which now has the most coronavirus cases in Southeast Asia, has seen infections surge past the 10,000 mark this week. The government has extended the lockdown, with most workplaces closed and schools shut, until June 1.
That could hit property sales and prices even more in the coming months as buyers stay at home. Developers are likely to delay launching new projects while show rooms and display units remain closed. - Bloomberg