Private non-landed housing prices up 1.3% m-o-m in January: NUS SRPI flash estimate
Flash price quotes of the SRPI show that condominium rates grew by 1.3% m-o-m from December 2024 to January this year. The SRPI determines the m-o-m movement of private non-landed residential properties in Singapore based on a basket of 818 completed apartment projects.
Despite this, resale prices continued to increase in January, expanding by 1.3% m-o-m. Lee associates this to enhancing new debut costs as “costs in the resell marketplace tend to benchmark versus new introduce rates”.
The final sub-index of the Central Region (leaving out small units) was modified to a rise of 0.3%, matched up to the flash estimate, which showed a 0.5% growth in December 2024. The sub-index of the non-Central Region (removing smaller units) remained unchanged from its flash estimate of a 0.6% increase in December 2024.
The concluding overall SRPI index for December 2024 was adjusted to show a 0.5% increase, a minor decrease from the 0.6% growth shown by the flash valuation.
Lee even notes that the non-Central area in addition observed the kick off of Bagnall Haus last month, which offered 63% of its full units at an average price of $2,490 psf. “The two kick off marketed very well and took demand away from the reselling market, resulting in a 17% drop in resale volume to 813 units in Jan 2025,” states Lee.
At the same time, the final sub-index for small units, which IREUS specifies as units measuring 506 sq ft and lower, mirrored a 0.4% boost from its flash estimate of a steeper 0.6% surge.
Looking ahead, Lee anticipates the resale market might see sales of 10,000 to 12,000 units this year.
Lee Sze Teck, top director of data analytics at Huttons Asia, observes that prices in the Central area increased at a quicker pace in January contrasted to the non-Central Region due to buyers getting units at major kick off including The Orie. The 777-unit private condominium had a take up rate of 86% at an average settled rate of $2,704 psf as at the conclusion of its kick off weekend on Jan 19.
The Institute of Real Estate and Urban Studies (IREUS) on Feb 28 launched the Singapore Residential Price Index (SRPI) for January.
Overall buyer costs declined by 0.7% m-o-m over the identical duration, according to the Singapore Consumer Price Index. Nevertheless, general customer rates inched up by 1.2% y-o-y previous month.
The SRPI sub-index for the Central Area (omitting small units) was up 1.4% m-o-m in January. While the sub-index for the non-Central Region (leaving out smaller units) expanded by 1.2% more than the exact same duration. The sub-index for small units inched up by 0.1% throughout that moment.
