Private non-landed housing prices up 1.3% m-o-m in January: NUS SRPI flash estimate
Lee Sze Teck, chief director of data analytics at Huttons Asia, recognizes that costs in the Main area rose at a quicker pace in January compared to the non-Central Area as a result of purchasers purchasing units at huge kick off such as The Orie. The 777-unit private condominium had a take up rate of 86% at an average settled price of $2,704 psf as at the conclusion of its kick off weekend on Jan 19.
Overall consumer rates declined by 0.7% m-o-m over the similar duration, according to the Singapore Consumer Price Index. Nevertheless, overall customer costs inched up by 1.2% y-o-y last month.
The concluding overall SRPI index for December 2024 was adjusted to show a 0.5% increase, a slight decrease from the 0.6% growth shown by the flash valuation.
The SRPI sub-index for the Central Region (excluding smaller units) was boost 1.4% m-o-m in January. While the sub-index for the non-Central Region (omitting small units) grew by 1.2% over the similar period. The sub-index for small-sized units inched up by 0.1% during that time.
Looking ahead, Lee expects the resale market may see sales of 10,000 to 12,000 units this year.
The Institute of Real Estate and Urban Studies (IREUS) on Feb 28 released the Singapore Residential Price Index (SRPI) for January.
Meanwhile, the final sub-index for small units, which IREUS defines as units measuring 506 sq ft and below, showed a 0.4% boost from its flash price quote of a steeper 0.6% surge.
Despite this, resale prices continued to rise in January, increasing by 1.3% m-o-m. Lee associates this to raising new launch costs as “rates in the reselling marketplace have a tendency to benchmark against brand-new launch rates”.
The last sub-index of the Central Region (leaving out small units) was revised 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 (excluding small units) continued to be unchanged from its flash estimate of a 0.6% hike in December 2024.
Lee additionally notices that the non-Central region 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. “Both debut offered effectively and pulled interest away from the reselling market, causing a 17% drop in resale quantity to 813 units in Jan 2025,” says Lee.
Flash price quotes of the SRPI suggest that apartment rates 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 upon a basket of 818 completed condo projects.
