Private non-landed housing prices up 1.3% m-o-m in January: NUS SRPI flash estimate
The last sub-index of the Central Area (excluding smaller units) was revised to a rise of 0.3%, matched up to the flash estimate, which indicated a 0.5% development in December 2024. The sub-index of the non-Central Region (ruling out small units) continued to be unchanged from its flash quote of a 0.6% increase in December 2024.
Lee also indicates that the non-Central area in addition observed the start of Bagnall Haus last month, that marketed 63% of its total units at a common rate of $2,490 psf. “Both launches marketed effectively and took interest away from the reselling market, leading to a 17% drop in resale volume to 813 units in Jan 2025,” states Lee.
Despite this, resale prices remained to increase in January, growing by 1.3% m-o-m. Lee connects this to boosting new launch prices as “costs in the resell market often tend to benchmark against brand-new introduce prices”.
Overall consumer costs declined by 0.7% m-o-m over the identical period, according to the Singapore Consumer Price Index. Nevertheless, overall customer rates inched up by 1.2% y-o-y last month.
Looking ahead, Lee expects the resell market might see sales of 10,000 to 12,000 units this year.
Flash estimates of the SRPI indicate that apartment costs increased by 1.3% m-o-m from December 2024 to January this year. The SRPI measures the m-o-m motion of private non-landed properties in Singapore based on a basket of 818 completed condo projects.
The concluding overall SRPI index for December 2024 was adjusted to show a 0.5% increase, a minor decrease from the 0.6% development shown by the flash quotation.
Meanwhile, the final sub-index for small units, which IREUS defines as units estimating 506 sq ft and lower, reflected a 0.4% increase from its flash quote of a higher 0.6% surge.
Lee Sze Teck, top supervisor of data analytics at Huttons Asia, recognizes that costs in the Central area climbed at a much faster speed in January contrasted to the non-Central Region because of purchasers purchasing units at major kick off including The Orie. The 777-unit private residence had a take up price of 86% at an average settled price of $2,704 psf as at the conclusion of its open weekend on Jan 19.
The SRPI sub-index for the Central Area (omitting smaller units) was up 1.4% m-o-m in January. Whilst the sub-index for the non-Central Region (leaving out small units) grew by 1.2% more than the same period. The sub-index for small units inched up by 0.1% during that moment.
The Institute of Real Estate and Urban Studies (IREUS) on Feb 28 launched the Singapore Residential Price Index (SRPI) for January.
