Private non-landed housing prices up 1.3% m-o-m in January: NUS SRPI flash estimate
The final sub-index of the Central Region (omitting smaller units) was changed to a boost of 0.3%, compared to the flash estimate, that implied 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.
At the same time, the final sub-index for small units, that IREUS defines as units estimating 506 sq ft and below, showed a 0.4% rise from its flash quote of a steeper 0.6% surge.
Flash estimates of the SRPI suggest that condo costs increased by 1.3% m-o-m from December 2024 to January this year. The SRPI determines the m-o-m activity of private non-landed properties in Singapore based on a basket of 818 finalized condo projects.
The Institute of Real Estate and Urban Studies (IREUS) on Feb 28 published the Singapore Residential Price Index (SRPI) for January.
Overall buyer costs declined by 0.7% m-o-m over the similar period, according to the Singapore Consumer Price Index. Nonetheless, general customer prices inched up by 1.2% y-o-y previous month.
Lee Sze Teck, top supervisor of data analytics at Huttons Asia, recognizes that costs in the Main region increased at a much faster speed in January contrasted to the non-Central Area due to customers purchasing units at huge release including The Orie. The 777-unit private condominium had a take up price of 86% at an average settled price of $2,704 psf as at the conclusion of its launch weekend on Jan 19.
The final overall SRPI index for December 2024 was adjusted to reflect a 0.5% increase, a small drop from the 0.6% development indicated by the flash quote.
Despite this, resale prices continued to rise in January, increasing by 1.3% m-o-m. Lee connects this to enhancing new launch prices as “prices in the resale market often tend to benchmark against new launch costs”.
The SRPI sub-index for the Central Region (excluding smaller units) was raise 1.4% m-o-m in January. Whilst the sub-index for the non-Central Area (excluding small units) expanded by 1.2% more than the similar time frame. The sub-index for smaller units inched up by 0.1% throughout that period.
Looking forward, Lee anticipates the resale market might see sales of 10,000 to 12,000 units this year.
Lee even notes that the non-Central area in addition viewed the launch of Bagnall Haus last month, that offered 63% of its overall units at a common price of $2,490 psf. “The two kick off marketed effectively and pulled appeal far from the resale market, leading to a 17% drop in resale quantity to 813 units in Jan 2025,” states Lee.
