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 published the Singapore Residential Price Index (SRPI) for January.
The last sub-index of the Central Region (leaving out smaller units) was revised to a boost of 0.3%, matched up to the flash estimate, which showed a 0.5% development in December 2024. The sub-index of the non-Central Region (ruling out small units) continued to be unchanged from its flash estimate of a 0.6% gain in December 2024.
Lee also notices that the non-Central region even saw the kick off of Bagnall Haus last month, that sold 63% of its overall units at a common rate of $2,490 psf. “Both debut offered effectively and pulled interest far from the reselling market, causing a 17% decrease in resale volume to 813 units in Jan 2025,” claims Lee.
Flash quotes of the SRPI indicate that apartment rates grew by 1.3% m-o-m from December 2024 to January this year. The SRPI determines the m-o-m motion of private non-landed houses in Singapore based on a basket of 818 finalized apartment projects.
The final overall SRPI index for December 2024 was adjusted to show a 0.5% rise, a small decline from the 0.6% growth indicated by the flash estimate.
Looking ahead, Lee expects the resale market may see sales of 10,000 to 12,000 units this year.
Overall consumer prices declined by 0.7% m-o-m over the same duration, according to the Singapore Consumer Price Index. Nevertheless, general consumer prices inched up by 1.2% y-o-y last month.
The SRPI sub-index for the Central Area (omitting small units) was raise 1.4% m-o-m in January. Whilst the sub-index for the non-Central Area (leaving out smaller units) expanded by 1.2% more than the same duration. The sub-index for smaller units inched up by 0.1% throughout that time.
At the same time, the final sub-index for small units, which IREUS specifies as units measuring 506 sq ft and lower, showed a 0.4% increase from its flash price quote of a higher 0.6% increase.
Despite this, resale prices remained to rise in January, increasing by 1.3% m-o-m. Lee attributes this to enhancing brand-new debut prices as “costs in the resell marketplace tend to benchmark versus brand-new introduce rates”.
Lee Sze Teck, top supervisor of data analytics at Huttons Asia, observes that costs in the Central area climbed at a much faster speed in January compared to the non-Central Region due to buyers buying units at huge launches including The Orie. The 777-unit private residence had a take up rate of 86% at an average negotiated value of $2,704 psf as at the conclusion of its kick off weekend on Jan 19.
