Private non-landed housing prices up 1.3% m-o-m in January: NUS SRPI flash estimate
The Orie, a 777-unit private condo, had a take up rate of 86% at an average transacted price of $2,704 psf at launch (Photo: CDL)
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The Institute of Real Estate and Urban Studies (IREUS) on Feb 28 released the Singapore Residential Price Index (SRPI) for January.
Flash estimates of the SRPI indicate that condo prices grew 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 residential properties in Singapore based on a basket of 818 completed condo developments.
Overall consumer prices declined by 0.7% m-o-m over the same period, according to the Singapore Consumer Price Index. However, overall consumer prices inched up by 1.2% y-o-y last month.
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The SRPI sub-index for the Central Region (excluding small units) was up 1.4% m-o-m in January. While the sub-index for the non-Central Region (excluding small units) grew by 1.2% over the same period. The sub-index for small units inched up by 0.1% during that time.
Lee Sze Teck, senior director of data analytics at Huttons Asia, observes that prices in the Central region rose at a faster pace in January compared to the non-Central Region due to buyers snapping up units at major launches such as The Orie. The 777-unit private condo had a take up rate of 86% at an average transacted price of $2,704 psf as at the conclusion of its launch weekend on Jan 19.
Lee also notes that the non-Central region also saw the launch of Bagnall Haus last month, which sold 63% of its total units at an average price of $2,490 psf. “Both launches sold very well and pulled demand away from the resale market, leading to a 17% drop in resale volume to 813 units in Jan 2025,” says Lee.
Despite this, resale prices continued to rise in January, increasing by 1.3% m-o-m. Lee attributes this to increasing new launch prices as “prices in the resale market tend to benchmark against new launch prices”.
Looking ahead, Lee expects the resale market may see sales of 10,000 to 12,000 units this year.
The final overall SRPI index for December 2024 was adjusted to reflect a 0.5% increase, a slight drop from the 0.6% growth indicated by the flash estimate.
The final sub-index of the Central Region (excluding small units) was revised to an increase of 0.3%, compared to the flash estimate, which indicated a 0.5% growth in December 2024. The sub-index of the non-Central Region (excluding small units) remained unchanged from its flash estimate of a 0.6% increase in December 2024.
Meanwhile, the final sub-index for small units, which IREUS defines as units measuring 506 sq ft and below, reflected a 0.4% increase from its flash estimate of a steeper 0.6% increase.
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