SINGAPORE - The Urban Redevelopment Authority (URA) released private home price data for the first quarter of 2012 on Friday where prices fell 0.1 per cent from January to March from the preceding three months.

The 0.1 per cent drop marks the first quarterly decline in Singapore private home prices since the second quarter of 2009.

Prices of non-landed private residential properties fell 0.6 per cent in the core central region.

Singapore last introduced measures to cool the housing market in December. The new rules included a requirement that foreigners who are not permanent residents pay an additional stamp duty equal to 10 per cent of the property value.

Shoe-box apartments

Of the new sales, the so called shoe-box apartments accounted for 27 per cent.

Shoe-box apartments are defined as homes which are smaller than 50 square metres.