Private non-landed housing prices up 1.3% m-o-m in January: NUS SRPI flash estimate
Flash quotes of the SRPI indicate that condo costs expanded by 1.3% m-o-m from December 2024 to January this year. The SRPI gauges the m-o-m activity of private non-landed residential properties in Singapore based upon a basket of 818 finalized condo projects.
Lee Sze Teck, top supervisor of data analytics at Huttons Asia, observes that costs in the Main region rose at a quicker rate in January contrasted to the non-Central Region because of buyers snapping up units at main kick off such as The Orie. The 777-unit private condo had a take up price of 86% at an average negotiated value of $2,704 psf as at the conclusion of its open weekend on Jan 19.
Despite this, resale prices remained to increase in January, growing by 1.3% m-o-m. Lee attributes this to enhancing brand-new debut rates as “rates in the resell market have a tendency to benchmark against brand-new introduce rates”.
Meanwhile, the final sub-index for small units, that IREUS defines as units estimating 506 sq ft and lower, mirrored a 0.4% rise from its flash quote of a higher 0.6% surge.
The Institute of Real Estate and Urban Studies (IREUS) on Feb 28 published the Singapore Residential Price Index (SRPI) for January.
Looking forward, Lee expects the resale market might see sales of 10,000 to 12,000 units this year.
Overall consumer costs declined by 0.7% m-o-m over the similar duration, according to the Singapore Consumer Price Index. Nevertheless, general customer costs inched up by 1.2% y-o-y previous month.
The final sub-index of the Central Area (omitting small units) was modified to a rise 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 (ruling out smaller units) remained unchanged from its flash estimate of a 0.6% gain in December 2024.
The SRPI sub-index for the Central Area (omitting small units) was up 1.4% m-o-m in January. Whilst the sub-index for the non-Central Region (excluding smaller units) grew by 1.2% over the similar period. The sub-index for small-sized units inched up by 0.1% during that period.
The final overall SRPI index for December 2024 was adjusted to reflect a 0.5% rise, a minor decline from the 0.6% growth shown by the flash valuation.
Lee also indicates that the non-Central area even saw the kick off of Bagnall Haus last month, which sold 63% of its full units at an average cost of $2,490 psf. “The two debut sold properly and took interest far from the resale market, resulting in a 17% decrease in resale quantity to 813 units in Jan 2025,” claims Lee.
