Private non-landed housing prices up 1.3% m-o-m in January: NUS SRPI flash estimate
The SRPI sub-index for the Central Area (omitting small units) was boost 1.4% m-o-m in January. While the sub-index for the non-Central Area (omitting smaller units) increased by 1.2% more than the same duration. The sub-index for small units inched up by 0.1% throughout that moment.
At the same time, the final sub-index for small units, that IREUS specifies as units estimating 506 sq ft and lower, mirrored a 0.4% boost from its flash price quote of a higher 0.6% growth.
Overall buyer rates decreased by 0.7% m-o-m over the similar duration, according to the Singapore Consumer Price Index. Nonetheless, overall consumer rates inched up by 1.2% y-o-y previous month.
Lee also notices that the non-Central region even viewed the launch of Bagnall Haus last month, that sold 63% of its full units at a common price of $2,490 psf. “The two debut offered very well and took interest away from the resale market, causing a 17% decrease in resale volume to 813 units in Jan 2025,” says Lee.
The Institute of Real Estate and Urban Studies (IREUS) on Feb 28 launched the Singapore Residential Price Index (SRPI) for January.
Looking ahead, Lee expects the resell market may see sales of 10,000 to 12,000 units this year.
Flash estimates of the SRPI indicate that condo prices grew by 1.3% m-o-m from December 2024 to January this year. The SRPI gauges the m-o-m motion of private non-landed homes in Singapore based on a basket of 818 completed apartment developments.
The final sub-index of the Central Region (leaving out smaller units) was modified to an increase of 0.3%, compared to the flash estimate, that showed a 0.5% development in December 2024. The sub-index of the non-Central Region (excluding small units) stayed the same from its flash quote of a 0.6% hike in December 2024.
Lee Sze Teck, chief supervisor of data analytics at Huttons Asia, sees that costs in the Central area rose at a faster speed in January contrasted to the non-Central Area because of customers getting units at main kick off such as The Orie. The 777-unit exclusive residence had a take up rate of 86% at an average negotiated price of $2,704 psf as at the conclusion of its kick off weekend on Jan 19.
The final overall SRPI index for December 2024 was adjusted to mirror a 0.5% increase, a small decline from the 0.6% development indicated by the flash quote.
Despite this, resale prices remained to rise in January, expanding by 1.3% m-o-m. Lee associates this to boosting brand-new debut rates as “prices in the resell marketplace often tend to benchmark against brand-new launch rates”.
