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, observes that prices in the Main region rose at a quicker speed in January compared to the non-Central Region as a result of customers buying units at main release such as The Orie. The 777-unit private residence had a take up cost of 86% at an average transacted value of $2,704 psf as at the conclusion of its launch weekend on Jan 19.
The Institute of Real Estate and Urban Studies (IREUS) on Feb 28 published the Singapore Residential Price Index (SRPI) for January.
The last sub-index of the Central Region (excluding small units) was modified to a boost of 0.3%, matched up to the flash estimate, which implied a 0.5% growth in December 2024. The sub-index of the non-Central Region (removing small units) remained unchanged from its flash quote of a 0.6% gain in December 2024.
Lee even notices that the non-Central region also saw the launch of Bagnall Haus last month, that offered 63% of its total units at an average rate of $2,490 psf. “Both launches sold very well and took appeal far from the resale market, leading to a 17% drop in resale quantity to 813 units in Jan 2025,” claims Lee.
The concluding overall SRPI index for December 2024 was adjusted to reflect a 0.5% rise, a small drop from the 0.6% growth shown by the flash quotation.
Bloomsbury Residences Qingjian Realty and Forsea Holdings
At the same time, the final sub-index for small units, that IREUS defines as units estimating 506 sq ft and below, reflected a 0.4% increase from its flash price quote of a steeper 0.6% growth.
Overall buyer rates declined by 0.7% m-o-m over the same duration, according to the Singapore Consumer Price Index. However, general customer costs inched up by 1.2% y-o-y last month.
Looking ahead, Lee anticipates the resale market might see sales of 10,000 to 12,000 units this year.
Despite this, resale prices remained to rise in January, increasing by 1.3% m-o-m. Lee attributes this to increasing new debut rates as “rates in the reselling market tend to benchmark versus brand-new launch costs”.
The SRPI sub-index for the Central Region (omitting smaller units) was boost 1.4% m-o-m in January. While the sub-index for the non-Central Region (leaving out smaller units) increased by 1.2% over the same period. The sub-index for small units inched up by 0.1% throughout that moment.
Flash price quotes of the SRPI show that condominium prices increased by 1.3% m-o-m from December 2024 to January this year. The SRPI gauges the m-o-m motion of private non-landed houses in Singapore based upon a basket of 818 finalized apartment projects.
