Private non-landed housing prices up 1.3% m-o-m in January: NUS SRPI flash estimate
The Institute of Real Estate and Urban Studies (IREUS) on Feb 28 launched the Singapore Residential Price Index (SRPI) for January.
Despite this, resale prices remained to climb in January, expanding by 1.3% m-o-m. Lee attributes this to raising brand-new debut prices as “prices in the resale market tend to benchmark versus new launch rates”.
Flash price quotes of the SRPI show that condo costs expanded 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 houses in Singapore based on a basket of 818 finalized condo projects.
Meanwhile, the final sub-index for small units, that IREUS defines as units estimating 506 sq ft and below, reflected a 0.4% boost from its flash estimate of a higher 0.6% growth.
Lee even notes that the non-Central area even observed the start of Bagnall Haus last month, which sold 63% of its overall units at an average price of $2,490 psf. “Both launches sold properly and pulled demand away from the reselling market, causing a 17% drop in resale quantity to 813 units in Jan 2025,” says Lee.
The concluding overall SRPI index for December 2024 was adjusted to mirror a 0.5% boost, a minor decrease from the 0.6% growth shown by the flash valuation.
Looking forward, Lee anticipates the resale market may see sales of 10,000 to 12,000 units this year.
Lee Sze Teck, chief supervisor of data analytics at Huttons Asia, recognizes that costs in the Main region rose at a quicker speed in January compared to the non-Central Region as a result of customers snapping up units at major release including The Orie. The 777-unit exclusive condo had a take up cost of 86% at an average negotiated price of $2,704 psf as at the conclusion of its kick off weekend on Jan 19.
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% development in December 2024. The sub-index of the non-Central Region (excluding small units) remained the same from its flash estimate of a 0.6% hike in December 2024.
Overall consumer prices declined by 0.7% m-o-m over the identical duration, according to the Singapore Consumer Price Index. However, overall consumer rates inched up by 1.2% y-o-y last month.
The SRPI sub-index for the Central Area (omitting small units) was boost 1.4% m-o-m in January. While the sub-index for the non-Central Area (excluding small units) grew by 1.2% over the exact same time frame. The sub-index for small-sized units inched up by 0.1% throughout that period.
