Private non-landed housing prices up 1.3% m-o-m in January: NUS SRPI flash estimate
The final sub-index of the Central Area (excluding small units) was modified to a rise of 0.3%, matched up to the flash estimate, which implied a 0.5% development in December 2024. The sub-index of the non-Central Region (removing smaller units) stayed unchanged from its flash quote of a 0.6% hike in December 2024.
Despite this, resale prices remained to climb in January, increasing by 1.3% m-o-m. Lee associates this to boosting new launch prices as “costs in the resale marketplace often tend to benchmark against new launch rates”.
Lee Sze Teck, top supervisor of data analytics at Huttons Asia, recognizes that prices in the Main region climbed at a much faster speed in January compared to the non-Central Area as a result of customers getting units at main release including The Orie. The 777-unit private condominium had a take up price of 86% at an average settled value 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 identical period, according to the Singapore Consumer Price Index. However, overall consumer rates inched up by 1.2% y-o-y previous month.
Flash quotes of the SRPI indicate that condo costs grew by 1.3% m-o-m from December 2024 to January this year. The SRPI measures the m-o-m activity of private non-landed homes in Singapore based on a basket of 818 accomplished apartment projects.
The final overall SRPI index for December 2024 was adjusted to show a 0.5% increase, a slight decline from the 0.6% development indicated by the flash valuation.
Lee additionally indicates that the non-Central area in addition saw the start of Bagnall Haus last month, that offered 63% of its overall units at a common price of $2,490 psf. “The two debut sold properly and pulled interest far from the reselling market, resulting in a 17% drop in resale quantity to 813 units in Jan 2025,” says Lee.
The SRPI sub-index for the Central Area (omitting smaller units) was raise 1.4% m-o-m in January. While the sub-index for the non-Central Region (leaving out small units) expanded by 1.2% over the exact same time frame. The sub-index for small-sized units inched up by 0.1% during that period.
At the same time, the final sub-index for small units, which IREUS defines as units estimating 506 sq ft and lower, showed a 0.4% rise from its flash quote of a steeper 0.6% increase.
Looking forward, Lee anticipates the resell market might 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.
