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SINGAPORE: Resale prices for flats fell 1.5 per cent for the whole of 2015, despite rising marginally in the fourth quarter, according to flash estimates released by the Housing and Development Board (HDB) on Monday (Jan 4).
The Resale Price Index (RPI) for the fourth quarter came in at 134.9, up 0.2 per cent from the previous quarter, HDB said. The index provides information on the general price movements in the resale public housing market.
Singapore’s slumping property market is slowing infllation (SICPIYOY) and weakening the city-state’s dollar, making it attractive for funding Southeast Asian carry trades.
Traders who sold Singapore’s currency against a basket of Indonesia’s rupiah, Malaysia’s ringgit, Thailand’s baht and the Philippine peso earned 2.2 percent since June 30, data compiled by Bloomberg show. That compares with a loss of 1.7 percent selling the U.S. dollar and a gain of 1.4 percent using Taiwan’s currency. In carry trades, investors borrow in a country with low interest rates and park funds in higher-yielding markets. The risk is that exchange-rate swings erase those gains.
