Private non-landed housing prices up 1.3% m-o-m in January: NUS SRPI flash estimate
The final overall SRPI index for December 2024 was adjusted to mirror a 0.5% rise, a minor decrease from the 0.6% development shown by the flash estimate.
Flash estimates of the SRPI suggest that condominium prices increased by 1.3% m-o-m from December 2024 to January this year. The SRPI measures the m-o-m movement of private non-landed homes in Singapore based on a basket of 818 accomplished apartment developments.
Overall buyer costs decreased by 0.7% m-o-m over the identical duration, according to the Singapore Consumer Price Index. Nonetheless, overall consumer prices inched up by 1.2% y-o-y last month.
Lee also notices that the non-Central area in addition saw the kick off of Bagnall Haus last month, which marketed 63% of its total units at a common rate of $2,490 psf. “Both kick off sold very well and pulled interest away from the resale market, leading to a 17% drop in resale quantity to 813 units in Jan 2025,” says Lee.
The SRPI sub-index for the Central Region (leaving out small units) was raise 1.4% m-o-m in January. While the sub-index for the non-Central Area (omitting small units) grew by 1.2% over the exact same duration. The sub-index for small-sized units inched up by 0.1% during that time.
The Institute of Real Estate and Urban Studies (IREUS) on Feb 28 released the Singapore Residential Price Index (SRPI) for January.
The last sub-index of the Central Region (leaving out smaller units) was changed to a rise of 0.3%, compared to the flash estimate, that showed a 0.5% growth in December 2024. The sub-index of the non-Central Region (removing small units) stayed unchanged from its flash estimate of a 0.6% increase in December 2024.
Lee Sze Teck, senior director of data analytics at Huttons Asia, observes that rates in the Central region increased at a much faster rate in January contrasted to the non-Central Area because of purchasers purchasing units at major kick off like The Orie. The 777-unit private condo had a take up rate of 86% at an average transacted rate of $2,704 psf as at the conclusion of its kick off weekend on Jan 19.
Despite this, resale prices remained to climb in January, growing by 1.3% m-o-m. Lee attributes this to increasing brand-new launch costs as “costs in the reselling market often tend to benchmark against brand-new launch prices”.
On the other hand, the final sub-index for small units, which IREUS specifies as units estimating 506 sq ft and lower, reflected a 0.4% increase from its flash price quote of a higher 0.6% raise.
Looking ahead, Lee anticipates the resell market may see sales of 10,000 to 12,000 units this year.
