Private non-landed housing prices up 1.3% m-o-m in January: NUS SRPI flash estimate
The last sub-index of the Central Area (omitting small units) was changed to an increase of 0.3%, matched up to the flash estimate, which implied a 0.5% growth in December 2024. The sub-index of the non-Central Region (ruling out smaller units) stayed the same from its flash estimate of a 0.6% gain in December 2024.
The final overall SRPI index for December 2024 was adjusted to show a 0.5% increase, a small decrease from the 0.6% development indicated by the flash estimate.
The SRPI sub-index for the Central Region (leaving out smaller units) was boost 1.4% m-o-m in January. Whilst the sub-index for the non-Central Area (excluding small units) grew by 1.2% over the exact same period. The sub-index for smaller units inched up by 0.1% throughout that period.
Looking ahead, Lee expects the resale market might see sales of 10,000 to 12,000 units this year.
Flash quotes of the SRPI show that condo costs expanded by 1.3% m-o-m from December 2024 to January this year. The SRPI measures the m-o-m activity of private non-landed properties in Singapore based upon a basket of 818 finalized condominium developments.
Overall consumer costs decreased by 0.7% m-o-m over the same period, according to the Singapore Consumer Price Index. Nonetheless, general consumer rates inched up by 1.2% y-o-y last month.
The Institute of Real Estate and Urban Studies (IREUS) on Feb 28 released the Singapore Residential Price Index (SRPI) for January.
Lee Sze Teck, senior director of data analytics at Huttons Asia, recognizes that prices in the Central area rose at a much faster rate in January compared to the non-Central Region as a result of buyers purchasing units at major kick off such as The Orie. The 777-unit private condo 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.
Despite this, resale prices continued to increase in January, increasing by 1.3% m-o-m. Lee attributes this to boosting brand-new debut costs as “rates in the resale marketplace tend to benchmark versus new launch rates”.
Lee even indicates that the non-Central region in addition observed the kick off of Bagnall Haus last month, that sold 63% of its full units at an average cost of $2,490 psf. “The two debut sold effectively and took appeal far from the resale market, causing a 17% decrease in resale quantity to 813 units in Jan 2025,” states Lee.
Meanwhile, the final sub-index for small units, that IREUS defines as units measuring 506 sq ft and below, showed a 0.4% boost from its flash price quote of a steeper 0.6% growth.
