Private non-landed housing prices up 1.3% m-o-m in January: NUS SRPI flash estimate
Lee Sze Teck, senior director of data analytics at Huttons Asia, recognizes that rates in the Main area climbed at a quicker rate in January contrasted to the non-Central Region due to purchasers getting units at huge kick off such as The Orie. The 777-unit exclusive condo had a take up cost of 86% at an average negotiated rate of $2,704 psf as at the conclusion of its launch weekend on Jan 19.
Lee also notices that the non-Central area in addition viewed the kick off of Bagnall Haus last month, which offered 63% of its total units at a standard rate of $2,490 psf. “The two launches offered effectively and pulled interest far from the resale market, leading to a 17% drop in resale quantity to 813 units in Jan 2025,” says Lee.
The last sub-index of the Central Region (leaving out small units) was changed to an increase of 0.3%, matched up to the flash estimate, that indicated a 0.5% development in December 2024. The sub-index of the non-Central Region (removing small units) remained unchanged from its flash estimate of a 0.6% hike in December 2024.
The Institute of Real Estate and Urban Studies (IREUS) on Feb 28 released the Singapore Residential Price Index (SRPI) for January.
Despite this, resale prices continued to rise in January, increasing by 1.3% m-o-m. Lee attributes this to raising brand-new debut prices as “prices in the resell marketplace have a tendency to benchmark versus new introduce rates”.
Overall consumer rates decreased by 0.7% m-o-m over the similar duration, according to the Singapore Consumer Price Index. Nonetheless, general consumer prices inched up by 1.2% y-o-y previous month.
Flash quotes of the SRPI show that apartment rates increased by 1.3% m-o-m from December 2024 to January this year. The SRPI gauges the m-o-m movement of private non-landed residential properties in Singapore based on a basket of 818 completed condo projects.
The SRPI sub-index for the Central Region (omitting smaller units) was up 1.4% m-o-m in January. While the sub-index for the non-Central Area (excluding small units) grew by 1.2% over the same time frame. The sub-index for small-sized units inched up by 0.1% throughout that moment.
At the same time, the final sub-index for small units, that IREUS defines as units measuring 506 sq ft and below, mirrored a 0.4% rise from its flash price quote of a steeper 0.6% raise.
The concluding overall SRPI index for December 2024 was adjusted to mirror a 0.5% rise, a slight decline from the 0.6% growth shown by the flash estimate.
Looking ahead, Lee expects the resell market might see sales of 10,000 to 12,000 units this year.
