Private non-landed housing prices up 1.3% m-o-m in January: NUS SRPI flash estimate
Lee Sze Teck, leading supervisor of data analytics at Huttons Asia, recognizes that prices in the Central region rose at a much faster pace in January contrasted to the non-Central Region because of purchasers buying units at major release like The Orie. The 777-unit private residence had a take up rate of 86% at an average negotiated value of $2,704 psf as at the conclusion of its kick off weekend on Jan 19.
Looking forward, Lee anticipates the resell market might see sales of 10,000 to 12,000 units this year.
The SRPI sub-index for the Central Area (omitting smaller units) was boost 1.4% m-o-m in January. Whilst the sub-index for the non-Central Region (omitting smaller units) expanded by 1.2% more than the same duration. The sub-index for small-sized units inched up by 0.1% during that period.
Overall consumer prices declined by 0.7% m-o-m over the identical duration, according to the Singapore Consumer Price Index. Nonetheless, general consumer rates inched up by 1.2% y-o-y last month.
Lee even notices that the non-Central area also viewed the launch of Bagnall Haus last month, that marketed 63% of its overall units at an average price of $2,490 psf. “The two debut offered properly and pulled demand far from the reselling market, leading to a 17% decrease in resale volume to 813 units in Jan 2025,” claims Lee.
Flash price quotes of the SRPI indicate that apartment prices grew by 1.3% m-o-m from December 2024 to January this year. The SRPI measures the m-o-m activity of private non-landed properties in Singapore based upon a basket of 818 accomplished condo projects.
The Institute of Real Estate and Urban Studies (IREUS) on Feb 28 published the Singapore Residential Price Index (SRPI) for January.
On the other hand, the final sub-index for small units, that IREUS specifies as units estimating 506 sq ft and lower, mirrored a 0.4% increase from its flash quote of a higher 0.6% increase.
The final overall SRPI index for December 2024 was adjusted to show a 0.5% boost, a slight decrease from the 0.6% development indicated by the flash quote.
Despite this, resale prices continued to increase in January, expanding by 1.3% m-o-m. Lee connects this to enhancing new launch prices as “prices in the reselling market tend to benchmark against brand-new introduce rates”.
The last sub-index of the Central Area (omitting smaller units) was changed 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 (ruling out smaller units) stayed unchanged from its flash estimate of a 0.6% increase in December 2024.
