Residential property prices in Singapore fell slightly by 0.1% in the first three months of 2012, according to the latest figures published by the Urban Redevelopment Authority (URA).

This compares with a 0.2% increase in the previous quarter and the latest figures represent the first quarterly fall in prices since Q2 2009, following nine consecutive quarters of price increases.

For Outside Central Region (OCR), prices increased by 1.1% in the first quarter 2012, compared with an increase of 0.6% in the previous quarter.

The data also shows that a total of 6,903 units were launched for sale by developers in the first three months of 2012, compared with 4,105 units in the previous quarter.

Purchases of smaller units (under 50sqm) accounted for 27% of new sales in the quarter, while ‘lower priced’ units, (less than $750,000) accounted for 42% of new sales, much higher than the 25% in the last quarter of 2011. Overall, many of these units are located in the suburbs, as 82% of the new units sold by developers were from OCR in the first quarter of 2012.