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 changed to a rise of 0.3%, matched up to the flash estimate, which showed 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% increase in December 2024.
Despite this, resale prices remained to rise in January, expanding by 1.3% m-o-m. Lee attributes this to enhancing brand-new launch rates as “prices in the reselling market tend to benchmark against brand-new introduce rates”.
The concluding overall SRPI index for December 2024 was adjusted to show a 0.5% increase, a slight decline from the 0.6% development indicated by the flash valuation.
Lee also indicates that the non-Central area even observed the kick off of Bagnall Haus last month, that offered 63% of its full units at a common price of $2,490 psf. “Both launches sold very well and pulled appeal far from the resale market, resulting in a 17% decrease in resale volume to 813 units in Jan 2025,” says Lee.
Looking forward, Lee anticipates the resell market might see sales of 10,000 to 12,000 units this year.
Overall buyer rates decreased by 0.7% m-o-m over the same period, according to the Singapore Consumer Price Index. Nonetheless, general customer rates inched up by 1.2% y-o-y last month.
Flash price quotes of the SRPI show that condo prices expanded by 1.3% m-o-m from December 2024 to January this year. The SRPI gauges the m-o-m activity of private non-landed residential properties in Singapore based on a basket of 818 finalized condo projects.
Lyndenwoods UOL Group Limited & Singapore Land Group (Singland)
The SRPI sub-index for the Central Area (excluding small units) was up 1.4% m-o-m in January. While the sub-index for the non-Central Area (excluding smaller units) increased by 1.2% over the same time frame. The sub-index for small units inched up by 0.1% throughout that time.
Lee Sze Teck, senior director of data analytics at Huttons Asia, observes that costs in the Main area rose at a quicker speed in January contrasted to the non-Central Region as a result of customers getting units at main release including The Orie. The 777-unit exclusive residence had a take up rate of 86% at an average settled rate of $2,704 psf as at the conclusion of its open 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.
On the other hand, the final sub-index for small units, that IREUS defines as units estimating 506 sq ft and lower, showed a 0.4% increase from its flash price quote of a higher 0.6% raise.
