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 (excluding smaller units) was changed to a rise of 0.3%, compared to the flash estimate, which indicated a 0.5% development in December 2024. The sub-index of the non-Central Region (removing smaller units) continued to be the same from its flash quote of a 0.6% hike in December 2024.
Lee even notes that the non-Central region in addition viewed the kick off of Bagnall Haus last month, which sold 63% of its total units at a standard rate of $2,490 psf. “Both kick off marketed properly and took interest far from the reselling market, leading to a 17% drop in resale quantity to 813 units in Jan 2025,” claims Lee.
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 (omitting small units) increased by 1.2% over the same period. The sub-index for smaller units inched up by 0.1% during that time.
The final overall SRPI index for December 2024 was adjusted to show a 0.5% boost, a minor drop from the 0.6% growth indicated by the flash valuation.
Lee Sze Teck, leading supervisor of data analytics at Huttons Asia, sees that prices in the Central region climbed at a much faster rate in January compared to the non-Central Area due to customers snapping up units at main release such as The Orie. The 777-unit exclusive condo had a take up price of 86% at an average settled value of $2,704 psf as at the conclusion of its kick off weekend on Jan 19.
The Institute of Real Estate and Urban Studies (IREUS) on Feb 28 published the Singapore Residential Price Index (SRPI) for January.
Overall buyer prices decreased by 0.7% m-o-m over the identical duration, according to the Singapore Consumer Price Index. Nonetheless, overall customer costs inched up by 1.2% y-o-y previous month.
At the same time, the final sub-index for small units, that IREUS specifies as units measuring 506 sq ft and below, mirrored a 0.4% increase from its flash price quote of a steeper 0.6% raise.
Despite this, resale prices remained to climb in January, expanding by 1.3% m-o-m. Lee connects this to enhancing new launch costs as “costs in the resale marketplace tend to benchmark against brand-new launch rates”.
Flash estimates of the SRPI suggest that apartment prices grew 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 residential properties in Singapore based on a basket of 818 accomplished apartment projects.
Looking ahead, Lee expects the resale market may see sales of 10,000 to 12,000 units this year.
