Private non-landed housing prices up 1.3% m-o-m in January: NUS SRPI flash estimate
Flash price quotes of the SRPI suggest that apartment prices increased by 1.3% m-o-m from December 2024 to January this year. The SRPI measures the m-o-m motion of private non-landed properties in Singapore based on a basket of 818 completed apartment projects.
The Institute of Real Estate and Urban Studies (IREUS) on Feb 28 released the Singapore Residential Price Index (SRPI) for January.
The final sub-index of the Central Area (omitting smaller units) was modified to a rise of 0.3%, compared to the flash estimate, which showed a 0.5% development in December 2024. The sub-index of the non-Central Region (removing small units) stayed the same from its flash estimate of a 0.6% hike in December 2024.
Despite this, resale prices continued to increase in January, increasing by 1.3% m-o-m. Lee associates this to enhancing brand-new debut rates as “prices in the resale market have a tendency to benchmark versus new launch rates”.
Lee Sze Teck, top director of data analytics at Huttons Asia, recognizes that rates in the Central area increased at a quicker speed in January compared to the non-Central Region because of buyers purchasing units at main kick off including The Orie. The 777-unit exclusive condo had a take up rate of 86% at an average settled price of $2,704 psf as at the conclusion of its launch weekend on Jan 19.
On the other hand, the final sub-index for small units, which IREUS specifies as units estimating 506 sq ft and below, mirrored a 0.4% increase from its flash estimate of a steeper 0.6% growth.
The concluding overall SRPI index for December 2024 was adjusted to reflect a 0.5% boost, a slight decline from the 0.6% growth shown by the flash quotation.
The SRPI sub-index for the Central Area (leaving out smaller units) was up 1.4% m-o-m in January. Whilst the sub-index for the non-Central Region (omitting small units) expanded by 1.2% over the exact same period. The sub-index for small-sized units inched up by 0.1% throughout that period.
Looking forward, Lee anticipates the resell market might see sales of 10,000 to 12,000 units this year.
Lee additionally notes that the non-Central region also viewed the launch of Bagnall Haus last month, which sold 63% of its total units at an average price of $2,490 psf. “Both debut offered very well and pulled demand far from the reselling market, leading to a 17% drop in resale quantity to 813 units in Jan 2025,” states Lee.
Overall buyer rates decreased by 0.7% m-o-m over the similar duration, according to the Singapore Consumer Price Index. However, general customer rates inched up by 1.2% y-o-y previous month.
