Private non-landed housing prices up 1.3% m-o-m in January: NUS SRPI flash estimate
The Institute of Real Estate and Urban Studies (IREUS) on Feb 28 published the Singapore Residential Price Index (SRPI) for January.
Looking forward, Lee anticipates the resell market may see sales of 10,000 to 12,000 units this year.
Lee additionally notes that the non-Central area in addition viewed the start of Bagnall Haus last month, that offered 63% of its full units at a common price of $2,490 psf. “Both launches offered effectively and pulled interest away from the resale market, leading to a 17% drop in resale volume to 813 units in Jan 2025,” says Lee.
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 smaller units) expanded by 1.2% over the same period. The sub-index for small-sized units inched up by 0.1% during that moment.
On the other hand, the final sub-index for small units, that IREUS specifies as units estimating 506 sq ft and lower, reflected a 0.4% boost from its flash estimate of a steeper 0.6% growth.
Overall buyer costs declined by 0.7% m-o-m over the identical duration, according to the Singapore Consumer Price Index. However, overall customer prices inched up by 1.2% y-o-y last month.
Flash price quotes of the SRPI indicate that apartment prices increased by 1.3% m-o-m from December 2024 to January this year. The SRPI determines the m-o-m motion of private non-landed properties in Singapore based upon a basket of 818 accomplished condominium developments.
Lee Sze Teck, leading supervisor of data analytics at Huttons Asia, recognizes that prices in the Main region rose at a faster pace in January contrasted to the non-Central Area because of customers getting units at major launches such as The Orie. The 777-unit exclusive residence had a take up cost of 86% at an average transacted rate of $2,704 psf as at the conclusion of its kick off weekend on Jan 19.
Despite this, resale prices remained to rise in January, expanding by 1.3% m-o-m. Lee connects this to enhancing brand-new debut rates as “rates in the resale market have a tendency to benchmark against brand-new launch costs”.
The last sub-index of the Central Region (omitting smaller units) was changed to a boost of 0.3%, compared to the flash estimate, that indicated a 0.5% development in December 2024. The sub-index of the non-Central Region (ruling out smaller units) continued to be the same from its flash estimate of a 0.6% hike in December 2024.
The final overall SRPI index for December 2024 was adjusted to mirror a 0.5% increase, a small drop from the 0.6% development indicated by the flash quotation.
