Private non-landed housing prices up 1.3% m-o-m in January: NUS SRPI flash estimate
The SRPI sub-index for the Central Region (omitting smaller units) was raise 1.4% m-o-m in January. Whilst the sub-index for the non-Central Area (omitting smaller units) grew by 1.2% more than the similar duration. The sub-index for small-sized units inched up by 0.1% throughout that moment.
The Institute of Real Estate and Urban Studies (IREUS) on Feb 28 published the Singapore Residential Price Index (SRPI) for January.
The concluding overall SRPI index for December 2024 was adjusted to show a 0.5% increase, a slight decrease from the 0.6% development shown by the flash quote.
The final sub-index of the Central Area (excluding smaller units) was revised to an increase of 0.3%, compared to the flash estimate, which indicated a 0.5% development in December 2024. The sub-index of the non-Central Region (ruling out smaller units) remained the same from its flash estimate of a 0.6% gain in December 2024.
Lee also indicates that the non-Central region even saw the start of Bagnall Haus last month, that marketed 63% of its full units at an average cost of $2,490 psf. “The two kick off marketed effectively and took appeal away from the resale market, resulting in a 17% drop in resale volume to 813 units in Jan 2025,” says Lee.
Flash price quotes of the SRPI suggest that apartment costs expanded 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 properties in Singapore based upon a basket of 818 accomplished apartment projects.
On the other hand, the final sub-index for small units, that IREUS defines as units estimating 506 sq ft and lower, showed a 0.4% boost from its flash quote of a higher 0.6% increase.
Overall consumer rates decreased by 0.7% m-o-m over the same duration, according to the Singapore Consumer Price Index. Nonetheless, overall consumer costs inched up by 1.2% y-o-y previous month.
Despite this, resale prices continued to rise in January, expanding by 1.3% m-o-m. Lee connects this to increasing new debut prices as “prices in the resale market have a tendency to benchmark against brand-new launch rates”.
Lee Sze Teck, chief director of data analytics at Huttons Asia, recognizes that prices in the Main area climbed at a faster rate in January compared to the non-Central Region due to buyers getting units at huge launches such as The Orie. The 777-unit exclusive residence had a take up cost of 86% at an average settled rate of $2,704 psf as at the conclusion of its kick off weekend on Jan 19.
Looking ahead, Lee anticipates the resale market may see sales of 10,000 to 12,000 units this year.
