Singapore's private residential property market posted further price declines in the the fourth quarter of last year.

Private residential property prices in Singapore, one of the world’s main wealth management hubs, fell by 2.1 points in the fourth quarter of 2014 to 205.8 points, a 1.0 per cent quarterly drop, faster than Q3’s 0.7 per cent quarterly drop, figures show.

The decline is the fifth straight drop in prices for the Asian city, which has sought to curb leverage in the real estate market,  according to figures from the Urban Redevelopment Authority.

Prices of non-landed private residential properties declined in all market segments. In Core Central Region, prices fell 0.9 per cent, higher than the 0.8 per cent decline in the previous quarter. Prices in Rest of Central Region fell 1.2 per cent, higher than the 0.4 per cent decline in the previous quarter. In Outside Central Region, prices fell 0.9 per cent, higher than the 0.3 per cent decline in the previous quarter.

For the whole of 2014, prices in CCR, RCR and OCR have fallen by 4.1 per cent, 5.2 per cent and 2.2 per cent respectively. Prices of landed properties fell 1.1 per cent compared to the 1.8 per cent decline in the previous quarter. For the whole of 2014, prices of landed properties fell by 5.2 per cent.

The flash estimates are compiled based on transaction prices given in caveats lodged and survey data on new units sold by developers during the first ten weeks of the quarter. The statistics will be updated four weeks later when URA releases the full real estate statistics for 4th Quarter 2014.

Separately, URA data shows that Singapore’s prime office rents will log their biggest increase in at least four years in 2014, and may extend gains this year.

Land supply in the city-state is relatively constrained. The authorities have sought to curb excess lending on real estate, mindful of how exposure to property prices had been a central factor in the 2008 crash. The declines in prices – as reported elsewhere by other data trackers, such as Knight Frank, suggest curbs on a red-hot property market are working.