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 smaller units) was modified to a boost of 0.3%, matched up to the flash estimate, which showed a 0.5% growth in December 2024. The sub-index of the non-Central Region (removing small units) remained unchanged from its flash quote of a 0.6% hike in December 2024.
The SRPI sub-index for the Central Region (omitting small units) was up 1.4% m-o-m in January. Whilst the sub-index for the non-Central Area (leaving out smaller units) increased by 1.2% over the similar time frame. The sub-index for small-sized units inched up by 0.1% throughout that time.
The Institute of Real Estate and Urban Studies (IREUS) on Feb 28 launched the Singapore Residential Price Index (SRPI) for January.
Lee also notes that the non-Central area in addition viewed the kick off of Bagnall Haus last month, that sold 63% of its total units at an average cost of $2,490 psf. “The two debut offered very well and pulled interest away from the resale market, causing a 17% drop in resale quantity to 813 units in Jan 2025,” says Lee.
Despite this, resale prices continued to climb in January, growing by 1.3% m-o-m. Lee attributes this to enhancing new launch costs as “prices in the resale marketplace often tend to benchmark against brand-new introduce costs”.
Lee Sze Teck, leading director of data analytics at Huttons Asia, observes that rates in the Main region climbed at a faster rate in January compared to the non-Central Area due to buyers snapping up units at major launches including The Orie. The 777-unit exclusive condo had a take up price of 86% at an average settled price of $2,704 psf as at the conclusion of its open weekend on Jan 19.
Overall consumer rates decreased by 0.7% m-o-m over the same duration, according to the Singapore Consumer Price Index. Nevertheless, general customer rates inched up by 1.2% y-o-y previous month.
Flash estimates of the SRPI show that condo rates grew by 1.3% m-o-m from December 2024 to January this year. The SRPI gauges the m-o-m motion of private non-landed houses in Singapore based on a basket of 818 accomplished condo projects.
The final overall SRPI index for December 2024 was adjusted to show a 0.5% rise, a mild drop from the 0.6% growth indicated by the flash estimate.
At the same time, the final sub-index for small units, that IREUS specifies as units measuring 506 sq ft and below, reflected a 0.4% boost from its flash quote of a steeper 0.6% surge.
Looking ahead, Lee expects the resell market might see sales of 10,000 to 12,000 units this year.
