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

April 2021 Rentals   (Download the full report here)

Headline: Both Condo and HDB Rents Increase 1.3% on Lower Volumes in April 2021
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A. Condo Rental Market

  1. April 2021 rents increase 1.3% from March 2021. CCR, RCR and OCR rents increase by 1.3%, 1.2% and 1.3% respectively.

    • Year-on-year, overall rents increase by 5.2% from April 2020.
    • Year-on-year, rents in CCR, RCR and OCR increase by 2.3%, 4.6% and 7.5% respectively.
    • Rents are down 11.9% from the peak in January 2013.
  2. Volumes decrease by an estimate of 3.1% month-on-month. An estimated 5,100 units are rented in April 2021 as compared to 5,262 units rented in March 2021.

    • Year-on-year, rental volumes are an estimated 51.0% higher.
    • Volumes are 13.5% higher than the 5-year average volume for the month of April.
    • Breaking down by regions, in April 2021, an estimated 39.9% of the total volumes are from OCR, 30.3% from RCR and 29.8% from CCR.

B. HDB Rental Market

  1. April 2021 HDB rents increase 1.3% from March 2021. Mature and Non-Mature Estates rents increase by 0.6% and 2.0% respectively. 3 Room, 4 Room, 5 Room and Executive rents increase by 0.9%, 1.5%, 1.4% and 0.9% respectively.

    • Year-on-year, overall rents increase by 5.6%.
    • Year-on-year, Mature Estates and Non-Mature Estates rents increase by 4.1% and 7.2% respectively.
    • Year-on-year, all room types record rent increases: 3 Room by 4.9%, 4 Room by 6.5%, 5 Room by 5.3% and Executive rents by 3.3%.
    • Rents are down 10.0% from the peak in August 2013.
  2. Volumes decrease by an estimate of 8.8% month-on-month.An estimated 1,847 HDB flats are rented in April 2021 compared to 2,026 units in March 2021.

    • Year-on-year, rental volumes increase by an estimate of 33.9% from April 2020.
    • Volumes are an estimated 6.1% lower than the 5-year average volume for the month of April.
    • Breaking down by room types, in April 2021, 35.6% of the total volumes are from 4 Room, 34.6% from 3 Room, 24.0% from 5 Room and 5.8% from Executive.

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

Headline: Condo Resale Prices Grow 1.5% in April 2021, Volumes Estimated to Hit 11-Year High
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  1. CCR prices increase 1.2% while RCR and OCR prices increase by 1.2% and 1.7% respectively in April 2021.

    According to the SRX Price Index for Condo Resale:

    • Month-on-month, overall prices increase by 1.5% over March 2021.
    • Year-on-year, overall prices increase by 5.8% over April 2020.
    • Year-on-year, all regions experience price increases: CCR by 2.6%, RCR by 5.5% and OCR by 7.3%.
  2. An estimated 1,993 units are resold in April 2021, a 7.9% increase from the 1,847 units resold in March 2021.

    • This would be the highest monthly volume seen since April 2010.
    • Volumes are estimated to be 528.7% higher than in April 2020, and 125.2% higher than the 5-year average volumes for the month of April.
    • Breaking down by regions, in April 2021, an estimated 56.9% of the volumes are from OCR, 23.7% from RCR and 19.5% from CCR.
  3. The highest transacted price for a resale unit in the month is achieved at $13.8 million at Leedon Residence.

    • In RCR, the highest transacted price is a unit at The Meyerise resold for $5.2 million.
    • In OCR, the highest transacted price is a unit at Ocean Park resold for $3.2 million.
  4. Overall median capital gain is $200,000 in April 2021. This represented an increase of $20,500 as compared to March 2021. The capital gain or loss of a condo resale unit is calculated by comparing the current transacted price with the previous transacted price of the same unit.

    • District 21 (Clementi / Upper Bukit Timah) posted the highest median capital gain at $486,250, followed by District 10 (Tanglin / Holland / Bukit Timah) at $443,500.
    • District 4 (Sentosa / Harbourfront) posted the highest median capital loss at -$54,880 followed by District 1 (Boat Quay / Raffles Place / Marina) at -$21,700.
    • Capital gain data only include districts with more than 10 matching transactions.

April 2021 HDB Resale   (Download the full report here)

Headline: HDB Resale Prices Continue Rising for Ten Straight Months in April 2021; Year-on-Year Prices Increase 10.8%
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  1. HDB resale price increases 1.2% in April 2021 compared to March 2021. Mature and Non-Mature Estates prices increase 0.9% and 1.4% respectively, as compared to March 2021. In terms of room types, 3 Room, 4 Room, 5 Room and Executive prices increase by 0.8%, 1.0%, 0.5% and 1.8% respectively.

    According to the SRX Property Price Index for HDB Resale:

    • Year-on-year, the overall price increase is 10.8%.
    • Year-on-year, prices for all room types increase in April 2021: 3 Room by 13.5%, 4 Room by 10.4%, 5 Room by 9.1% and Executive by 10.8%.
    • Mature and Non-Mature Estates prices increase by 9.4% and 11.8% respectively from a year ago.
    • April 2021 prices are 3.7% lower than the peak in April 2013.
  2. 2,340 HDB resale transactions in April 2021, representing a 4.4% decrease from March 2021.

    • Year-on-year, resale volume in April 2021 is 453% higher than the previous year.
    • Breaking down by room types, in April 2021, 44.5% of the volume comes from HDB 4 Room, 26.5% from 5 Room, 19.9% from 3 Room and 7.6% from Executive. The rest are from 1 Room, 2 Room and Multi-Gen.
  3. The highest transacted price for a resale flat in the month is achieved at $1,250,000 by a 5 Room DBSS unit at Natura Loft; In Non-Mature Estates, the highest transacted price is achieved at $892,888 by an Executive Apartment unit at Hougang Central.

  4. In April 2021, there are 21 HDB resale flats transacted for at least $1,000,000, representing an increase from March 2021 in which 17 such units were transacted.

    • The number of million-dollar flats sold comprises 0.9% of the total resale volume in the month.
    • In the first four months of 2021, a total of 74 HDB flats have been transacted for more than a million dollars so far, reflecting an increase of 429% when compared to 14 such units during the same period last year.

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.