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SRX Research

A. Non-Landed Private Residential Rental Market


1. Private rents decrease by 0.6%. According to SRX Property Price Index for Non-landed Private Residential Rentals, rents in May 2016 decreased by 0.6% compared to April 2016. Rentals in Non-Landed Private Residential in CCR, RCR and OCR decreased by 0.8%, 0.4% and 0.5%, respectively.

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According to SRX Property Price Index for Non-landed Private Rentals:

  • Year-on-year, rents in May 2016 were down by 5.2% from May 2015. In individual sectors, CCR, RCR and OCR posted 1.5%, 8.1% and 6.5% year-on-year decrease in price, respectively.
  • Rent in April 2016 was 16.5% down compared to its peak in January 2013.

2. Rental volume increases by 5.8%. According to SRX Property, an estimated 4.400 Non-landed Private Residential units were rented in May 2016. This represented a 5.8% increase from 4,158 units rented in April 2016.

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  • Year-on-year, rental volume in May 2016 was 14.4% higher than 3,845 units rented in May 2015.

B. HDB Rental Market

1. HDB rents remain the same in May. According to SRX Property Price Index for HDB Rentals, rents in May 2016 is flat compared to April 2016. HDB 3 Rooms rents remained the same while HDB 4 Rooms increased by 0.4%. HDB 5 Rooms and Executive rents posted a 0.1% and 1.5% decrease, respectively.

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According to SRX Property Price Index for HDB Rentals:

  • Year-on-year, rents in May 2016 were down by 3.8% from May 2015.
  • Rents in May 2016 were down 9.7% compared to its peak in August 2013.

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According to SRX Property Price Sub-Indices for HDB Rentals in Mature and Non-mature Estates:

  • Rents in Mature Estates decreased by 0.3% while that of Non-Mature Estates increased by 0.4%.
  • Year-on-year, rents of Mature Estates in May 2016 slipped 3.7% from May 2015.
  • Year-on-year, rents of Non-mature Estates in May 2016 dropped 4.0% from May 2015.

2. HDB rental volume increases by 1.5% in April. According to SRX Property, an estimated 2,005 HDB flats were rented in May 2016, a 1.5% increase from 1,975 units rented in April 2016.

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  • Year-on-year, rental volume in May 2016 increased by 2.0% from May 2015.
1. Non-landed Private Residential Resale Prices increase in May 2016. Non-landed Private Residential Resale prices increased by 0.4% in May 2016 compared to April 2016.  In individual sectors, CCR, RCR and OCR recorded a price increase of 0.4%, 0.3% and 0.5%, respectively.
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According to the SRX Non-landed Private Residential Price Index:

  • Year-on-year, prices in May 2016 increased by 0.2% from May 2015. In individual sectors, CCR and RCR posted a year-on-year price increase of 4.7% and 0.6%, respectively, while OCR recorded a year-on-year price decrease of 2.0%;
  • May 2016 prices were down by 6.7% from the recent peak in January 2014;
  • Price change in April 2016 was revised from 0.5% INCREASE to 0.6% INCREASE.
2. Resale volume increases by 35.7% in May 2016. According to Non-landed Private Residential Resale data compiled by SRX Property, an estimated 840 Non-landed Private Residential units were resold in May 2016. This is a 35.7% increase compared to 619 units resold in April 2016.

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  • Year-on-year, resale volume in May 2016 was 35.3% higher compared to 621 units resold in May 2015;
  • A significant contributor to the increase in volume is the greater number of resales in OUE Twin Peaks under the ‘deferred payment’ scheme;
  • Resale volume was still down by 59.0% compared to its peak of 2,050 units resold in April 2010.
3. Overall median Transaction Over X-Value (TOX) increases in May 2016. The median T-O-X for Non-landed Private Residential measures whether people are overpaying or underpaying the SRX Property X-Value estimated market value.

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  • The median T-O-X in May 2016 is NEGATIVE $8,000. This is a $1,000 increase compared to NEGATIVE $9,000 in April 2016.

4. District 11 posts highest median T-O-X. For districts with more than 10 resale transactions in May 2016, District 11 (Watten Estate, Novena, Thomson) posted the highest median T-O-X at POSITIVE 16,000.

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This means that a majority of the buyers in this district purchased units above the computer-generated market value.

5. Among relatively active districts, District 17 posts the most negative median T-O-X. District 17 (Changi, Loyang) posted a T-O-X of NEGATIVE $36,000.

This means that a majority of the buyers in these districts purchased units below the computer-generated market value.

1. Non-landed Private Residential Resale Prices increase in May 2016. Non-landed Private Residential Resale prices increased by 0.4% in May 2016 compared to April 2016.  In individual sectors, CCR, RCR and OCR recorded a price increase of 0.4%, 0.3% and 0.5%, respectively.

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According to the SRX Non-landed Private Residential Price Index:

  • Year-on-year, prices in May 2016 increased by 0.2% from May 2015. In individual sectors, CCR and RCR posted a year-on-year price increase of 4.7% and 0.6%, respectively, while OCR recorded a year-on-year price decrease of 2.0%;
  • May 2016 prices were down by 6.7% from the recent peak in January 2014;
  • Price change in April 2016 was revised from 0.5% INCREASE to 0.6% INCREASE.
2. Resale volume increases by 35.7% in May 2016. According to Non-landed Private Residential Resale data compiled by SRX Property, an estimated 840 Non-landed Private Residential units were resold in May 2016. This is a 35.7% increase compared to 619 units resold in April 2016.

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  • Year-on-year, resale volume in May 2016 was 35.3% higher compared to 621 units resold in May 2015;
  • A significant contributor to the increase in volume is the greater number of resales in OUE Twin Peaks under the ‘deferred payment’ scheme;
  • Resale volume was still down by 59.0% compared to its peak of 2,050 units resold in April 2010.

3. Overall median Transaction Over X-Value (TOX) increases in May 2016. The median T-O-X for Non-landed Private Residential measures whether people are overpaying or underpaying the SRX Property X-Value estimated market value.

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  • The median T-O-X in May 2016 is NEGATIVE $8,000. This is a $1,000 increase compared to NEGATIVE $9,000 in April 2016.
4. District 11 posts highest median T-O-X. For districts with more than 10 resale transactions in May 2016, District 11 (Watten Estate, Novena, Thomson) posted the highest median T-O-X at POSITIVE 16,000.

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This means that a majority of the buyers in this district purchased units above the computer-generated market value.

5. Among relatively active districts, District 17 posts the most negative median T-O-X. District 17 (Changi, Loyang) posted a T-O-X of NEGATIVE $36,000.

This means that a majority of the buyers in these districts purchased units below the computer-generated market value.

1. HDB resale prices increase slightly in May 2016. There was a slight increase of 0.2% in HDB Resale prices in May 2016 compared to that of April 2016. The resale prices of HDB 3 Room, 5 Room and Executive Flats increased by 0.7%, 0.7% and 0.4% respectively. On the other hand, the resale prices of HDB 4 Room Flats decreased by 0.7%.

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According to the SRX Property Price Index for HDB Resale:

  • Year-on-year, prices remained flat compared to May 2015;
  • Prices have declined by 10.9% since the peak in April 2013;
  • There is no revision for price changes in April 2016.

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According to the SRX Property Price Sub-Indices for HDB Resale:

  • In May 2016, HDB resale prices in mature estates decreased by 0.1% while resale prices in non-mature estates increased by 0.5%;
  • Year-on-year, prices in mature estates have increased by 0.6% from May 2015;
  • Year-on-year, prices in non-mature estates have decreased by 0.5% from May 2015;

2. Resale volume stays flat. According to HDB resale data compiled by SRX Property, 1,826 HDB resale flats were sold in May 2016, which is comparable to the 1,828 units transacted last month in April 2016.

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  • Year-on-year, resale volume increased by 15.9% compared to 1,575 units resold in May 2015;
  • Resale volume was down by 50.0% compared to its peak of 3,649 units in May 2010.
3. Overall median Transaction Over X-Value (T-O-X) is NEGATIVE $1,000 in May 2016. According to SRX Property, the median T-O-X for HDB was NEGATIVE $1,000 in May 2016.  The median T-O-X for HDB measures whether people are overpaying or underpaying the SRX Property X-Value estimated market value.

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  • Overall Median T-O-X was NEGATIVE $1,000 in May 2016, down by $1,000 compared to the figure in April 2016;
  • Median T-O-X for HDB 3 Room, 4 Room, 5 Room and Executive flats in May 2016 were NEGATIVE $2,000, ZERO, NEGATIVE $3,000 and POSITIVE $500 respectively.

4. Sembawang posts the highest median T-O-X. For HDB towns having more than 10 resale transactions with T-O-X in May 2016, Sembawang reported the highest median TOX of POSITIVE $6,000 followed by POSITIVE $3,500 in Geylang.

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This means that majority of the buyers in these towns have purchased units above the computer-generated market value.

5. Among relatively active towns, Hougang posts the most negative median T-O-X. Among HDB towns having more than 10 resale transactions with T-O-X in May 2016, the lowest median T-O-X was in Hougang at NEGATIVE $12,000, followed by Ang Mo Kio at NEGATIVE $7,500.

This means that majority of the buyers in these towns have purchased units below the computer generated market value.


A. Non-Landed Private Residential Rental Market

1. Private rent prices flat. 
According to SRX Property Price Index for Non-landed Private Residential Rentals, rents remained the same in April 2016 compared to March 2016. Breaking down by sectors, rents for Non-landed Private Residential units in CCR remained the same, rents in RCR increased by 0.1% while OCR experienced a decrease in rents by 0.1%.

According to SRX Property Price Index for Non-landed Private Rentals:

  • Year-on-year, rents in April 2016 were down by 5.4% from April 2015. In individual sectors, CCR, RCR and OCR posted 1.9%, 8.2% and 6.8% year-on-year decrease in price, respectively.
  • Rent in April 2016 was 16.1% down compared to its peak in January 2013.

  • Year-on-year, rental volume in April 2016 was 10.5% higher than 3,578 units rented in April 2015.

According to SRX Property Price Index for HDB Rentals:

  • Year-on-year, rents in April 2016 were down by 4.3% from April 2015.
  • Rents in April 2016 were down 9.9% compared to its peak in August 2013.

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According to SRX Property Price Sub-Indices for HDB Rentals in Mature and Non-mature Estates:

  • Rents in Mature and Non-Mature Estates experienced a 0.3% and 0.9% decrease respectively in April 2016.
  • Year-on-year, rents of Mature Estates in April 2016 slipped 3.9% from April 2015.
  • Year-on-year, rents of Non-mature Estates in April 2016 dropped 4.8% from April 2015.

2. HDB rental volume decreases by 2.2% in April. According to SRX Property, an estimated 2,048 HDB flats were rented in April 2016, a 2.2% decrease from 2,093 units rented in March 2016.

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