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.
The final overall SRPI index for December 2024 was adjusted to show a 0.5% boost, a mild decrease from the 0.6% development indicated by the flash quotation.
Lee Sze Teck, chief supervisor of data analytics at Huttons Asia, observes that costs in the Central area rose at a faster rate in January contrasted to the non-Central Region because of purchasers getting units at major release including The Orie. The 777-unit exclusive residence had a take up cost of 86% at an average settled rate of $2,704 psf as at the conclusion of its open weekend on Jan 19.
The last sub-index of the Central Area (excluding smaller units) was revised to a boost of 0.3%, matched up to the flash estimate, that indicated a 0.5% development in December 2024. The sub-index of the non-Central Region (ruling out smaller units) remained the same from its flash estimate of a 0.6% gain in December 2024.
Union Square Residences City Developments Limited
The SRPI sub-index for the Central Region (omitting smaller units) was raise 1.4% m-o-m in January. While the sub-index for the non-Central Area (excluding smaller units) increased by 1.2% over the similar time frame. The sub-index for smaller units inched up by 0.1% during that moment.
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, growing by 1.3% m-o-m. Lee associates this to enhancing new launch prices as “prices in the reselling marketplace tend to benchmark against brand-new introduce rates”.
Overall buyer rates decreased by 0.7% m-o-m over the identical period, according to the Singapore Consumer Price Index. However, overall customer prices inched up by 1.2% y-o-y previous month.
At the same time, the final sub-index for small units, which IREUS specifies as units estimating 506 sq ft and below, reflected a 0.4% boost from its flash quote of a higher 0.6% increase.
Flash quotes of the SRPI indicate that condo costs increased by 1.3% m-o-m from December 2024 to January this year. The SRPI measures the m-o-m movement of private non-landed houses in Singapore based upon a basket of 818 finished apartment developments.
Lee also notes that the non-Central area in addition saw the kick off of Bagnall Haus last month, that sold 63% of its overall units at an average price of $2,490 psf. “Both kick off marketed effectively and pulled appeal away from the resale market, resulting in a 17% drop in resale volume to 813 units in Jan 2025,” says Lee.
