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]

View as image

SRX Property Price Index Singapore

Methodology

Non-Landed

Landed

HDB

Private Non-Landed≫

Property Types

Sale/Resale

Property Subtypes

Market Segments

Touch graph to see detail.

Sorry. We are unable to display the indices for your selections.

Note: The latest month's value is based on flash estimate.

Source: Singapore Real Estate Exchange (SRX)

Download SRX Flash Report

HDB Flats

FLASH REPORT

Resale Market August 2024

Non-Landed Private

FLASH REPORT

Resale Market September 2024

HDB & Non-Landed

FLASH REPORT

Rental Market September 2024

Observations

Legend:

CCR = Core Central Region

RCR = Rest of Central Region

OCR = Outside Central Region

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

Headline: Condo Resale Prices Stable in August 2024, While Volumes Declined by 1.7% Across All Regions

CCR decreased by 0.6% in August 2024, while RCR increased by 0.9%. Although OCR appeared unchanged, it was slightly negative before rounded to 0%, causing the index to dip slightly from 258.8 to 258.7.

According to the SRX Price Index for Condo Resale:
- Month-on-month, overall prices remain the same.
- Year-on-year, overall prices increased by 4.6% compared to August 2023.
- Year-on-year, CCR, RCR, and OCR experienced price increases of 1.7%, 7.2%, and 4.2%, respectively.
An estimated 1,080 units were resold in August 2024, a 1.7% decrease from the 1,099 units resold in July 2024.
- Volumes were 16.8% higher than in August 2023 and 5.2% higher than the 5-year average volumes for August.
- Breaking it down by region, in August 2024, 52.2% of the volume were from OCR, 29.2% from RCR, and 18.5% from CCR.
- The percentage of sub-sale transactions to the total secondary sale transactions (i.e., Resale + Sub-Sale) was 7.6% in August 2024, a 0.7% decrease from July 2024.
- Sub-sale transactions refer to secondary sale transactions that happened before the project was completed.
The highest transacted price for a resale unit in August was achieved at S$12,080,000 at Nassim Mansion.
- In RCR, the highest transacted price was a unit at The Makena resold for S$7,000,000.
- In OCR, the highest transacted price was a unit at St. Patrick’s Residences resold for S$3,668,000.
The overall median capital gain for resale condos was S$357,000 in August 2024, a decrease of S$21,000 from July 2024.
- District 10 (Tanglin / Holland / Bukit Timah) posted the highest median capital gain at S$720,000. District 1 (Boat Quay / Raffles Place / Marina) posted the lowest median capital gain at -S$81,000.
The overall median unlevered return for resale condos was 30.7% in August 2024.
- District 16 (Bedok / Upper East Coast) posted the highest median unlevered return at 45.3%. District 1 (Boat Quay / Raffles Place / Marina) posted the lowest median unlevered return at -4.6%.
- 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.

September 2024 Rentals (Download the full report here)

Headline: Condo and HDB Rental Volumes Fell in August 2024; HDB Volumes Fell 12.3% Amid Year-on-Year Decline

A. Condo Rental Market

August 2024 rents increased by 0.3%.CCR, RCR, and OCR increased by 0.2%, 0.4%, and 0.6% respectively, from July 2024.
- Year-on-year, overall rents decreased by 3.7% from August 2023.
- Year-on-year, rents in CCR, RCR, and OCR decreased by 4.5%, 3.4%, and 3.4%, respectively.
Rental volumes decreased by 14% month-on-month. An estimated 6,994 units were rented in August 2024 compared to 8,136 in July 2024.
- Year-on-year, rental volumes were 3.8% higher.
- Volumes were 7.6% lower than the 5-year average for August.
- Breaking it down by region, in August 2024, 35.2% of the total volume were from OCR, 34.5% from RCR, and 30.4% from CCR.

B. HDB Rental Market

August 2024 HDB rents decreased by 0.4% from July 2024. Mature Estate and Non-Mature Estate rents decreased by 0.5% and 0.4%, respectively. 3-room, 5-room, and Executive rents also decreased by 0.9%, 0.1%, and 0.3%, respectively, while 4-room remained the same.
- Year-on-year, overall rents increased by 4.2% from August 2023.
- Year-on-year, Mature and Non-Mature Estate rents increased by 4.5% and 3.9%, respectively.
- Year-on-year, all room types recorded rent increases: 3-room by 3.8%, 4-room by 4.2%, 5-room by 4.6%, and Executive by 5.9%.
Volumes decreased by 12.3% month-on-month. An estimated 2,626 HDB flats were rented in August 2024 compared to 2,993 in July 2024.
- Year-on-year, rental volumes decreased by 13.4% from August 2023.
- Volumes were 4.3% lower than the 5-year average volume for August.
- Breaking it down by room type, in August 2024, 32.5% of the total volume were from 3-room, 39.3% from 4-room, 22.7% from 5-room, and 5.6% from Executive.

August 2024 HDB Resale (Download the full report here)

Headline: HDB Resale Market Trend Sees 0.5% Price Increase Amidst 14.6% Drop in Transaction Volume and Fewer Million-Dollar Flats

HDB resale prices increased by 0.5% in August 2024 compared to July 2024. Compared to July 2024, property prices in Mature Estates decreased by 0.2%, while prices in Non-Mature Estates increased by 1.2%. In terms of room types, 3 Room prices increased by 0.8%, 4 Room prices decreased by 0.2%, 5 Room prices increased by 0.8%, and Executive prices increased by 1%.

According to the SRX Property Price Index for HDB Resale:
- Year-on-year, the overall price increase was 7.5% from August 2023.
- Year-on-year, prices for all room types increased from August 2023: 3-Room by 8%, 4-Room by 7.5%, 5-Room by 6.8%, and Executive by 5.7%
- Both Mature and Non-Mature Estates prices increased by 6.3% and 8.2% respectively from a year ago.
2,605 HDB resale flats were transacted in August 2024, representing a 14.6% decrease from July 2024.
- Year-on-year, resale volume in August 2024 was 5.3% higher than the previous year.
- Breaking it down by room type, in August 2024, 24.7% of the volume came from HDB 3 Room, 43.4% from 4 Room, 24.4% from 5 Room, and 7.4% from Executive.
- Breaking it down by estate, 60.5% of the resale volume in August 2024 came from Non-Mature Estates. The remaining 39.5% in the month were from Mature Estates.
The highest transacted price for a resale flat in the month was S$1,480,000 for a 5 Room flat at Cantonment Road.
- In Non-Mature Estates, the highest transacted price was S$1,223,880 for a 5 Room flat at Punggol Field.
In August 2024, there were 104 HDB resale flats transacted for at least S$1,000,000, representing a decrease from July 2024 which recorded 120 such units.
- The number of million-dollar flats sold comprised 4% of the total resale volume in the month.
- Bukit Merah recorded 12 units of million-dollar flats sold in the month, followed by Bishan and Kallang Whampoa which both sold 11 units and Ang Mo Kio which sold 10 units.
- The rest of the million-dollar flats came from Toa Payoh, Geylang, Clementi, Queenstown, Woodlands, Central Area, Hougang, Serangoon, Bukit Timah, Bedok, Tampines, Sengkang, Yishun, Punggol, Pasir Ris, and Bukit Panjang.

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

Property Types

Sale / Resale

Property Subtypes

Market Segments

Date	Value	% Change

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:

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.
SPI uses a Hedonic Regression methodology modeled on proven real estate economics and consumer price indices worldwide.
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.
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.

No part of this document may be reproduced except as authorised by written permission. The copyright and the foregoing restriction extend to reproduction in all media.

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