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 (leaving out small units) was up 1.4% m-o-m in January. While the sub-index for the non-Central Area (omitting small units) grew by 1.2% over the same duration. The sub-index for small units inched up by 0.1% throughout that period.
The final overall SRPI index for December 2024 was adjusted to mirror a 0.5% rise, a small decline from the 0.6% development shown by the flash quotation.
Flash quotes of the SRPI indicate that condo rates increased by 1.3% m-o-m from December 2024 to January this year. The SRPI gauges the m-o-m activity of private non-landed residential properties in Singapore based on a basket of 818 finalized condominium projects.
The Arcady @ Boon Keng Singapore
Overall consumer costs declined by 0.7% m-o-m over the similar period, according to the Singapore Consumer Price Index. Nonetheless, general consumer prices inched up by 1.2% y-o-y last month.
Lee Sze Teck, top director of data analytics at Huttons Asia, recognizes that costs in the Central area climbed at a faster pace in January contrasted to the non-Central Area because of buyers buying units at main release including The Orie. The 777-unit exclusive condominium had a take up rate of 86% at an average transacted rate of $2,704 psf as at the conclusion of its kick off weekend on Jan 19.
Despite this, resale prices continued to rise in January, growing by 1.3% m-o-m. Lee associates this to boosting new debut rates as “rates in the reselling market tend to benchmark versus brand-new launch prices”.
Looking ahead, Lee expects the resale market may see sales of 10,000 to 12,000 units this year.
On the other hand, the final sub-index for small units, that IREUS specifies as units measuring 506 sq ft and below, showed a 0.4% boost from its flash quote of a steeper 0.6% increase.
The final sub-index of the Central Region (leaving out smaller units) was changed 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) remained unchanged from its flash quote of a 0.6% gain in December 2024.
Lee additionally indicates that the non-Central area also saw the launch of Bagnall Haus last month, which marketed 63% of its full units at an average price of $2,490 psf. “The two launches offered effectively and pulled appeal far from the resale market, leading to a 17% drop in resale quantity to 813 units in Jan 2025,” states Lee.
The Institute of Real Estate and Urban Studies (IREUS) on Feb 28 released the Singapore Residential Price Index (SRPI) for January.
