Announcement: Starting from January 2023 (for December 2022 reports onwards), 99-SRX will be changing the schedule for the following reports:

  • HDB Resale Flash Report: 1st Thursday of every month
  • NLP Resale Flash Report: last Tuesday of every month
  • Rental Flash Report: last Wednesday of every month

As government agencies such as HDB and URA have improved in its transparency and timelines in making property transactions public, 99-SRX will also follow their lead in using only publicly-available transactions for our reports. This also ensures transparency and reproducibility by parties seeking to clarify 99-SRX's indexes.

Hence, there will also be differences in all reports index values due to a shift to official data sources:

HDB Resale
i. Agency transactions will no longer be used in Price and Index calculations starting from January 2023.

NLP Resale
i. Non-caveated transactions will no longer be used in Volume, Price and Index calculations starting from December 2022's NLP Resale report. Only caveated transactions will be used.

Rental
i. Agency transactions will no longer be used in Volume, Price and Index calculations starting from December 2022's NLP and HDB Rental report.
ii. Base index shift from January 2009 to January 2015.

These changes do not affect the broad price trends observed in earlier reports. If you wish to retrieve the previous indexes, send an email to [email protected]

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SRX Property Price Index Singapore, SPI Chart, Price Trends in 2023

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Note: The latest month's value is based on flash estimate.
Source: Singapore Real Estate Exchange (SRX)

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Observations

Legend:

CCR = Core Central Region

RCR = Rest of Central Region

OCR = Outside Central Region

February 2024 Rentals   (Download the full report here)

Headline: Feb Condo Rental Price Continues Decline, Lowest Since Jan 2023; HDB Rental Price Rose To New All-Time High.
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A. Condo Rental Market

Based on the new rental data source,

  1. February 2024 rents decreases by 1.0% from January 2024. CCR, RCR and OCR rents decrease by 1.6% , 0.5% and 0.6% respectively

    • Year-on-year, overall rents decrease by 4% from February 2023.
    • Year-on-year, rents in CCR, RCR and OCR decrease by 5.7% , 3.9% and 2.1% respectively.
  2. Volumes decrease by 21.0% month-on-month. An estimated 4715 units are rented in February 2024 as compared to 6017 units rented in January 2024.

    • Year-on-year, rental volumes are 7.7% lower.
    • Volumes are 11.9% lower than the 5-year average volume for the month of February.
    • Breaking it down by region, in February 2024, 35.8% of the total volumes are from OCR, 32.8% from RCR and 31.4% from CCR.

B. HDB Rental Market

  1. February 2024 HDB rents increase by 1.0% from January 2024. Mature Estates and Non-Mature Estates rents increase by 1.3% and 0.5% respectively. All room types record rent increase month-on-month : 3 Room by 0.4%, 4 Room by 1.5%, 5 room by 0.3% and Executives by 2.6%

    • Year-on-year, overall rents increased by 8.4% from February 2023.
    • Year-on-year, Mature Estates and Non-Mature Estates rents increase by 7.2% and 9.5% respectively.
    • Year-on-year, all room types record rent increase: 3 Room by 7.8%, 4 Room by 8.5%, 5 Room by 8.1% and Executive rents by 9.0%.
  2. Volumes decrease by 19.1% month-on-month. An estimated 2448 HDB flats are rented in February 2024 compared to 3027 units in January 2024.

    • Year-on-year, rental volumes decreased by 8.4% from February 2023.
    • Volumes are 6.9% lower than the 5-year average volume for the month of February.
    • Breaking it down by room type, in February 2024, 31.7% of the total volumes are from 3 Room, 37.3% from 4 Room, 25.4% from 5 Room and 5.7% from Executive.

February 2024 HDB Resale   (Download the full report here)

Headline: HDB Prices Continues To Rise In Feb 2024, Volume Drops During Chinese New Year
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  1. HDB resale prices increased by 0.5% in February 2024 compared to January 2024. Both Mature and Non-Mature Estates prices increased by 0.5% and 0.3% respectively as compared to January 2024. In terms of room types, 3 Room prices increased by 0.9%, 4 Room prices increased by 0.6%, 5 Room prices decreased by 0.4% and Executive prices increased by 0.7%.

    According to the SRX Property Price Index for HDB Resale:

    • Year-on-year, the overall price increase is 6.4% from February 2023.
    • Year-on-year, prices for all room types increased over February 2023: 3 Room by 5.4%, 4 Room by 6.3%, 5 Room by 7.0% and Executive by 6.2%.
    • Mature and Non-Mature Estates prices increase by 6.1% and 5.9% respectively from a year ago.
  2. 2,134 HDB resale flats were transacted in February 2024, representing a 18.8% decrease from January 2024.

    • Year-on-year, resale volume in February 2024 is 15.4% higher than the previous year.
    • Breaking it down by room type, in February 2024, 24.9% of the volume came from HDB 3 Room, 42.5% from 4 Room, 23.1% from 5 Room and 6.4% from Executive.
    • Breaking it down by estate, 64.3% of the resale volume in February 2024 came from Non-Mature Estates. The remaining 35.7% in the month are from Mature Estates.
  3. The highest transacted price for a resale flat in the month is achieved at $1,480,000 by an Executive flat at Bishan St 24

    • In Non-Mature Estates, the highest transacted price is achieved at $1,045,000 by an executive apartment at Hougang Ctrl.
  4. In February 2024, there are 50 HDB resale flats transacted for at least $1,000,000, representing a decrease from January 2024 which recorded 74 such units.

    • The number of million-dollar flats sold comprise 2.3% of the total resale volumes in the month.
    • Queenstown records nine units of million-dollar flats sold in the month, followed by Toa Payoh which records six units.
    • The rest of the million-dollar flats come from Kallang Whampoa, Ang Mo Kio, Bukit Merah, Bukit Timah, Clementi, Bishan, Central Area, Serangoon, Woodlands, Geylang, Hougang and Bedok
Footnote:

We have changed our HDB Resale data source to be using only official transactions from HDB. Previously, agency transactions and official transactions were used to supplement the data used to compute the index. The indexes have been retrospectively re-computed and changed to reflect the new data source.

Please email [email protected] to if you wish to get the historical HDB resale indexes prior to this change.

January 2024 Non-Landed Private Resale   (Download the full report here)

Headline: Condo Resale Starts 2024 Slow; Prices Decreased For The First Time in 5 Months. Resale Volumes On The Decline In January 2024.
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  1. CCR and OCR prices increase by 1.4% and 0.2% while RCR prices decrease by 0.6% in January 2024.

    According to the SRX Price Index for Condo Resale:

    • Month-on-month, overall prices decrease by 0.8% over December 2023.
    • Year-on-year, overall prices increase by 7.2% over January 2023.
    • Year-on-year, all regions experience price increases: CCR by 2.4%, RCR by 7.9% and OCR by 9.9%.
  2. An estimated 740 units were resold in January 2024, a 0.6% decrease from the 745 units resold in December 2023.

    • Volumes are 43.7% higher than in January 2023, and 0.4% higher than the 5-year average volumes for the month of January.
    • Breaking it down by region, in January 2024, 53.8% of the volume were from OCR, 27.3% from RCR and 18.9% from CCR.
    • January 2024 Percentage of Sub Sale transactions to the total secondary sale transactions (i.e. Resale+Sub Sale) is 11.6%.
    • This is a 2.5% decrease from December 2023 Percentage.
    • Sub Sale transactions refer to secondary sale transactions that happened before the project is completed.
  3. The highest transacted price for a resale unit in January is achieved at $16,500,000 at The Ritz-Carlton Residences Singapore Cairnhill.

    • In RCR, the highest transacted price is a unit at Meyerhouse resold for $9,280,000.
    • In OCR, the highest transacted price is a unit at Grand Duchess At St Patrick’s resold for $3,900,000.
  4. The overall median capital gain for resale condos is $353,000 in January 2024, an increase of $42,000 from December 2023.

    • District 11 (Newton / Novena) posts the highest median capital gain at $668,000. District 1 (Boat Quay / Raffles Place / Marina) posts the lowest median capital gain at $5,000.
  5. The overall median unlevered return for resale condos is 30.0% in January 2024.

    • District 26 (Mandai / Upper Thomson) posts the highest median unlevered return at 73.8%. District 1 (Boat Quay / Raffles Place / Marina) posts the lowest median unlevered return at 2.4%.
    • The capital gains and returns of a condo resale unit are calculated by comparing the current transacted price with the previous transacted price of the same unit. Districts with fewer than 10 matching transactions are excluded from the ranking.

Index Value And Change

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About SPI

About the Singapore Real Estate Exchange Property Index (SPI)

On the Friday of the first full work week for each month, SRX releases the Singapore Real Estate Exchange Property Index (SPI) as a public service to the community.

SPI differs from other Singapore indices in four distinct ways:

  1. SPI is the first index to calculate price changes that take into account unique Singaporean factors such as the property's distance to a top primary school or an MRT station. The index, of course, controls for standard index factors like location, age of property, size, floor levels and land tenure.
  2. SPI uses a Hedonic Regression methodology modeled on proven real estate economics and consumer price indices worldwide.
  3. SPI employs unique data available only to SRX. As a result, for private sale transactions, the indices include both public caveated transactions and non-caveated transactions, resulting in a comprehensive view of the property market at any point in time.
  4. Due to its industry-wide integration with the market's major estate agencies StreetSine, on behalf of SRX, collects, processes, integrates and crunches data in real-time. Hence, StreetSine can calculate and release monthly SPI updates before other Singaporean indices.

For more information, please refer to the SPI White Paper.


Disclaimer

The information contained in this document is the proprietary and exclusive property of StreeSine Singapore Pte. Ltd. (""SSPL"") except as otherwise indicated. The information contained herein is for informational purposes only and is not intended to replace any professional advice. The views expressed are entirely those of the authors.

Whilst the information is intended to be accurate and current, SSPL is not responsible for any errors or omissions in this document. SSPL may vary, withdraw or amend any information presented herein at any time without notice.

To the fullest extent permitted by law, in no event shall StreetSine, its officers and employees, affiliates, subsidiaries, successors and assigns be liable for any damages or costs, including without limitation any indirect, consequential, special, incidental, or punitive damages arising out of, based on, or resulting from your reliance on or use of the information herein.

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Singapore Real Estate Exchange Property Index, SPI, Singapore Real Estate Exchange and SRX are trade names of SSPL.