SRX Property Index (SPI) Chart

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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 2021 HDB Resale   (Download the full report here)

Headline: HDB Resale Prices Continue Rising for Eight Straight Months in February 2021 on Lower Volume; Record 23 Million-Dollar Flats Transacted.
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  1. HDB resale price increases 1.4% in February 2021 compared to January 2021. Mature and Non-Mature Estate prices increase 1.7% and 1.1% respectively, as compared to January 2021. In terms of room types, 3 Room, 4 Room, 5 Room and Executive prices increase by 1.7%, 0.9%, 2.3% and 0.8% respectively.

    According to the SRX Property Price Index for HDB Resale:

    • Year-on-year, the overall price increase is 8.3%.
    • Year-on-year, prices for all room types increase in February 2021: 3 Room by 8.3%, 4 Room by 8.0%, 5 Room by 8.1% and Executive by 5.2%.
    • Mature and Non-Mature Estates prices increase by 6.2% and 9.7% respectively from a year ago.
    • February 2021 prices are 5.7% lower than the peak in April 2013.
  2. 2,165 HDB resale transactions in February 2021, representing a 13.4% decrease from January 2021.

    • Year-on-year, resale volume in February 2021 is 29.8% higher than the previous year.
    • Breaking down by room types, in February 2021, 40.7% of the volume comes from HDB 4 Room, 28.6% from 5 Room, 21.6% from 3 Room and 7.5% from Executive. The rest are from 2 Room and Multi-Gen.
  3. The highest transacted price for a resale flat in the month is achieved at $1,210,000 by an Executive Maisonette unit at Toh Yi Drive; In Non-Mature Estates, the highest transacted price is achieved at $890,000 by an Executive Premium Maisonette unit at Choa Chu Kang Street 64.

  4. In February 2021, there were 23 HDB resale flats transacted for at least $1,000,000, representing an increase from January 2021 in which 13 such units were transacted.

    • This is the record-high number of million-dollar flats transacted in a month.
    • In the first two months of 2021, a total of 36 HDB flats have been transacted for more than a million dollars so far, reflecting an increase of 350% when compared to eight such units during the same period last year.

January 2021 Rentals   (Download the full report here)

Headline: Condo and HDB Rents Increase 1.6% and 0.9% Respectively in January 2021
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A. Condo Rental Market

  1. January 2021 rents increase 1.6% from December 2020. CCR, RCR and OCR rents increase by 2.0%, 1.1% and 1.7% respectively.

    • Year-on-year, overall rents increase by 0.3% from January 2020.
    • Year-on-year, rents in OCR increase by 2.6% while rents in CCR and RCR decrease by 2.5% and 0.4% respectively.
    • Rents are down 15.1% from the peak in January 2013.
  2. Volumes increase 11.3% month-on-month. An estimated 4,747 units are rented in January 2021 as compared to 4,266 units in December 2020.

    • Year-on-year, rental volumes are 10.4% higher.
    • Volumes are 8.5% higher than the 5-year average volume for the month of January.
    • Breaking down by regions, in January 2021, 38.7% of the total volumes are from OCR, 32.9% from RCR and 28.3% from CCR.

B. HDB Rental Market

  1. January 2021 HDB rents increase 0.9% from December 2020. Mature and Non-Mature Estates rents increase by 1.4% and 0.4% respectively. 3 Room, 4 Room, 5 Room and Executive rents increase by 0.5%, 1.4%, 0.8% and 1.4% respectively.

    • Year-on-year, overall rents increase by 1.7%.
    • Year-on-year, Mature Estates and Non-Mature Estates rents increase by 0.8% and 2.7% respectively.
    • Year-on-year, rents for 3 Room, 4 Room and 5 Room rents increase by 1.4%, 3.5% and 0.5% respectively while Executive rents decrease by 2.4%.
    • Rents are down 12.1% from the peak in August 2013.
  2. Volumes increase 14.6% month-on-month. An estimated 1,912 HDB flats are rented in January 2021 versus 1,668 units in December 2020.

    • Year-on-year, rental volumes increase by 8.5% from January 2020.
    • Volumes are 1.8% higher than the 5-year average volume for the month of January.
    • Breaking down by room types, in January 2021, 36.6% of the total volumes are from 4 Room, 34.5% from 3 Room, 23.1% from 5 Room and 5.8% from Executive.

January 2021 Non-Landed Private Resale   (Download the full report here)

Headline: Condo Resale Prices Increase 1.2% in January 2021, Climbing for Sixth Straight Month
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  1. CCR, RCR and OCR prices increase by 0.4%, 1.9% and 1.1% in January 2021.

    According to the SRX Price Index for Condo Resale:

    • Month-on-month, overall prices increase by 1.2% over December 2020.
    • Year-on-year, overall prices increase by 2.2% over January 2020.
    • Year-on-year, RCR and OCR prices increase by 1.7% and 3.3% respectively while CCR price decreases by 0.4%.
  2. An estimated 1,587 units are resold in January 2021, an 8.6% increase from the 1,461 units resold in December 2020.

    • Volumes are 128.3% higher than in January 2020, and 136.5% higher than the 5-year average volumes for the month of January.
    • Breaking down by regions, in January 2021, 58.2% of the volumes are from OCR, 25.7% from RCR and 16.0% from CCR.
  3. The highest transacted price for a resale unit in the month is achieved at $17.7 million at Le Nouvel Ardmore.

    • In RCR, the highest transacted price is a unit at The Interlace resold for $5.9 million.
    • In OCR, the highest transacted price is a unit at Waterview resold for $3.3 million.
  4. Overall Transaction Over X-Value (T-O-X) is $16,000 in January 2021. This represented an increase of $1,000 as compared to December 2020. The median T-O-X for Condo Resale measures whether people are overpaying (POSITIVE T-O-X) or underpaying (NEGATIVE T-O-X) the SRX X-Value estimated market value.

    • District 21 (Clementi Park / Upper Bukit Timah) posted the highest median T-O-X at POSITIVE $38,000, followed by District 10 (Tanglin / Holland / Bukit Timah) at POSITIVE $35,000 T-O-X.
    • District 17 (Changi Airport / Changi Village) posted the lowest median T-O-X at NEGATIVE $8,000, followed by District 25 (Admiralty / Woodlands) at NEGATIVE $3,000 T-O-X.
    • T-O-X data only include districts with more than 10 resale transactions with X-Value.

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

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