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

August 2023 Rentals   (Download the full report here)

Headline: Condo & HDB Rental Volumes Fall in August 2023. HDB Rental Price See Possible Cooling.
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A. Condo Rental Market

Based on the new rental data source,

  1. August 2023 rents decreased by 1.0% from July 2023. CCR rents decreased by 1.7%, RCR rents dropped by 0.7% and OCR rents decreased by 0.5%.

    • Year-on-year, overall rents increased by 17.3% from August 2022.
    • Year-on-year, rents in CCR, RCR and OCR increase by 13.9%, 17.4% and 20.1% respectively.
  2. Volumes decreased by 7.6% month-on-month. An estimated 6,730 units are rented in August 2023 as compared to 7,287 units rented in July 2023.

    • Year-on-year, rental volumes are 10.3% lower.
    • Volumes are 11.6% lower than the 5-year average volume for the month of August.
    • Breaking it down by region, in August 2023, 36.2% of the total volumes are from OCR, 33.6% from RCR and 30.2% from CCR.

B. HDB Rental Market

Based on the new rental data source,

  1. August 2023 HDB rents increase by 0.1% from July 2023. Mature and Non-Mature Estates rents increased by 0.1% each. 3 Room and 5 Room rents increased by 0.7% and 0.5% respectively while 4 Room and Executive rents decreased by 0.3% and 1.5% respectively.

    • Year-on-year, overall rents increase by 20.8%.
    • Year-on-year, Mature Estates and Non-Mature Estates rents increase by 19.9% and 21.9% respectively.
    • Year-on-year, all room types record rent increases: 3 Room by 18.6%, 4 Room by 21.0%, 5 Room by 22.6% and Executive rents by 23.4%.
  2. Volumes decreased by 10.1% month-on-month. An estimated 2,997 HDB flats are rented in August 2023 compared to 3,334 units in July 2023.

    • Year-on-year, rental volumes increase by 16.9% from August 2022.
    • Volumes are 11.0% higher than the 5-year average volume for the month of August.
    • Breaking it down by room type, in August 2023, 32.3% of the total volumes are from 3 Room, 37.7% from 4 Room, 24.1% from 5 Room and 5.9% from Executive.

August 2023 Non-Landed Private Resale   (Download the full report here)

Headline: Condo Resale Prices Increase; Volume Rise slightly in August 2023
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  1. CCR prices decreased by 0.1% while RCR and OCR prices both increased by 1.3% and 1.6% in August 2023.

    According to the SRX Price Index for Condo Resale:

    • Month-on-month, overall prices increase by 1.0% over July 2023.
    • Year-on-year, overall prices increase by 7.6% over August 2022.
    • Year-on-year, all regions experience price increases: CCR by 2.7%, RCR by 7.5% and OCR by 9.8%.
  2. An estimated 880 units are resold in August 2023, a 3.0% increase from the 854 units resold in July 2023.

    • Volumes are 16.6% lower than in August 2022, and 8.3% lower than the 5-year average volumes for the month of August.
    • Breaking it down by region, in August 2023, 51.2% of the volumes are from OCR, 31.2% from RCR and 17.5% from CCR.
    • August 2023 Percentage of Sub Sale transactions to the total secondary sale transactions (i.e. Resale+Sub Sale) is 11.6%. This is a 0.5% increase from July 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 August is achieved at $11,000,000 at 3 ORCHARD BY-THE-PARK.

    • In RCR, the highest transacted price is a unit at Aalto resold for $6,300,000.
    • In OCR, the highest transacted price is a unit at Kensington Park Condominium resold for $3,260,000.
  4. The overall median capital gain for resale condos is $311,000 in August 2023, an increase of $11,000 from July 2023.

    • District 20 (Ang Mo Kio/ Bishan/ Thomson) posts the highest median capital gain at $638,000.
    • District 2 (Chinatown/ Tanjong Pagar) posts the lowest median capital gain at $90,000.
  5. The overall median unlevered return for resale condos is 27.5% in August 2023.

    • District 20 (Ang Mo Kio/ Bishan/ Thomson) posts the highest median unlevered return at 52.1%.
    • District 2 (Chinatown/ Tanjong Pagar) posts the lowest median unlevered return at 13.8%.
    • 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.

August 2023 HDB Resale   (Download the full report here)

Headline: HDB Resale Prices and Volume Increase Month-on-Month in August 2023
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  1. HDB resale prices increase by 0.6 % in August 2023 compared to July 2023. Non-Mature Estates prices increase by 0.5% while Mature Estates increase by 1.3%, as compared to July 2023. In terms of room types, 3 Room prices decreased by 0.4%, 4 Room prices increased by 0.9%, 5 Room prices increased at 1.5% while Executive prices increased by 1.6%.

    According to the SRX Property Price Index for HDB Resale:

    • Year-on-year, the overall price increase is 7.2% from August 2022.
    • Year-on-year, prices for all room types increase over August 2022: 3 Room by 6.3%, 4 Room by 8.2%, 5 Room by 7.2% and Executive by 8.0%.
    • Mature and Non-Mature Estates prices increase by 7.2% and 7.3% respectively from a year ago.
  2. 2,473 HDB resale flats are transacted in August 2023, representing an 20.3% increase from July 2023.

    • Year-on-year, resale volume in August 2023 is 6.4% higher than the previous year.
    • Breaking it down by room type, in August 2023, 44.6 % of the volume come from HDB 4 Room, 22.8% from 5 Room, 26.3% from 3 Room and 6.3% from Executive.
    • Breaking it down by estate, 59.7% of the resale volume in August 2023 come from Non-Mature Estates. The remaining 40.3% 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 a 5-Room unit at The Pinnacle@Duxton.

    • In Non-Mature Estates, the highest transacted price is achieved at $1,080,888 by an Executive Apartment at Woodlands St 81.
  4. In August 2023, there are 54 HDB resale flats transacted for at least $1,000,000, representing an increase from July 2023 which recorded 32 such units. This is also the highest volume of resale flats transacted for at least $1,000,000 to date.

    • The number of million-dollar flats sold comprise 2.2% of the total resale volumes in the month.
    • Bukit Merah records nine units of million-dollar flats sold in the month, followed by Central Area which records 8 units while Ang Mo Kio and Kallang/ Whampoa record six units each.
    • The rest of the million-dollar flats come from Queenstown, Toa Payoh, Bukit Timah, Clementi, Bishan, Woodlands, Hougang, Marine Parade, Geylang, Tampines and Serangoon.
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.

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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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.

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