Private non-landed housing prices up 1.3% m-o-m in January: NUS SRPI flash estimate
The last sub-index of the Central Region (omitting smaller units) was modified to an increase of 0.3%, compared to the flash estimate, that implied a 0.5% development in December 2024. The sub-index of the non-Central Region (removing smaller units) stayed the same from its flash quote of a 0.6% gain in December 2024.
The SRPI sub-index for the Central Region (leaving out smaller units) was up 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 similar duration. The sub-index for smaller units inched up by 0.1% throughout that moment.
Looking ahead, Lee anticipates the resell market may see sales of 10,000 to 12,000 units this year.
Lee additionally notices that the non-Central region also viewed the start of Bagnall Haus last month, which offered 63% of its overall units at a standard rate of $2,490 psf. “The two launches sold very well and took demand far from the reselling market, causing a 17% decrease in resale quantity to 813 units in Jan 2025,” states Lee.
Despite this, resale prices remained to rise in January, growing by 1.3% m-o-m. Lee associates this to raising brand-new debut prices as “prices in the resell market often tend to benchmark against brand-new launch costs”.
At the same time, the final sub-index for small units, that IREUS specifies as units measuring 506 sq ft and lower, mirrored a 0.4% increase from its flash price quote of a steeper 0.6% increase.
Overall buyer rates declined by 0.7% m-o-m over the same duration, according to the Singapore Consumer Price Index. Nevertheless, overall consumer prices inched up by 1.2% y-o-y last month.
The concluding overall SRPI index for December 2024 was adjusted to show a 0.5% rise, a small decrease from the 0.6% development shown by the flash estimate.
Flash quotes of the SRPI suggest that condo rates grew by 1.3% m-o-m from December 2024 to January this year. The SRPI gauges the m-o-m movement of private non-landed residential properties in Singapore based on a basket of 818 finished condominium projects.
The Institute of Real Estate and Urban Studies (IREUS) on Feb 28 published the Singapore Residential Price Index (SRPI) for January.
Lee Sze Teck, top director of data analytics at Huttons Asia, recognizes that prices in the Main region rose at a much faster rate in January compared to the non-Central Area because of buyers buying units at huge launches like The Orie. The 777-unit exclusive condominium had a take up price of 86% at an average negotiated rate of $2,704 psf as at the conclusion of its kick off weekend on Jan 19.
