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

April 2023 Rentals   (Download the full report here)

Headline: Prices and Volumes Rise Across Condo and HDB in April 2023
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A. Condo Rental Market

Based on the new rental data source,

  1. April 2023 rents increase by 1.0% from March 2023. RCR and OCR rents increase by 1.7% and 1.6% respectively while CCR records rent decrease of 0.2%.

    • Year-on-year, overall rents increase by 29.9% from April 2022.
    • Year-on-year, rents in CCR, RCR and OCR increase by 27.0%, 30.8% and 32.0% respectively.
  2. Volumes increase by 13.8% month-on-month. An estimated 5,598 units are rented in April 2023 as compared to 4,920 units rented in March 2023.

    • Year-on-year, rental volumes are 5.2% lower.
    • Volumes are 13.3% lower than the 5-year average volume for the month of April.
    • Breaking it down by region, in April 2023, 35.3% of the total volumes are from OCR, 33.9% from RCR and 30.8% from CCR.

B. HDB Rental Market

Based on the new rental data source,

  1. April 2023 HDB rents increase by 0.8% from March 2023. Mature and Non-Mature Estates rents increase by 0.1% and 1.2% respectively. Meanwhile, 3 Room, 4 Room, 5 Room and Executive rents increase by 0.4%, 0.9%, 1.0% and 0.1% respectively.

    • Year-on-year, overall rents increase by 26.1%.
    • Year-on-year, Mature Estates and Non-Mature Estates rents increase by 24.8% and 27.4% respectively.
    • Year-on-year, all room types record rent increases: 3 Room by 22.9%, 4 Room by 26.8%, 5 Room by 29.5% and Executive rents by 24.5%.
  2. Volumes increase by 5.8% month-on-month. An estimated 3,183 HDB flats are rented in April 2023 compared to 3,009 units in March 2023.

    • Year-on-year, rental volumes increase by 4.0% from April 2022.
    • Volumes are 4.7% lower than the 5-year average volume for the month of April.
    • Breaking it down by room type, in April 2023, 33.8% of the total volumes are from 3 Room, 35.2% from 4 Room, 25.2% from 5 Room and 5.8% from Executive.

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

Headline: Condo Resale Prices Continue to Rise; Volumes Decrease in April 2023
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  1. CCR and RCR prices increase by 2.3% and 1.7% respectively while OCR prices decrease by 0.3% in April 2023.

    According to the SRX Price Index for Condo Resale:

    • Month-on-month, overall prices increase by 1.2% over March 2023.
    • Year-on-year, overall prices increase by 8.7% over April 2022.
    • Year-on-year, all regions experience price increases: CCR by 3.8%, RCR by 9.9% and OCR by 9.5%.
  2. An estimated 919 units are resold in April 2023, a 17.9% decrease from the 1,119 units resold in March 2023.

    • Volumes are 29.7% lower than in April 2022, and 12.9% lower than the 5-year average volumes for the month of April.
    • Breaking it down by region, in April 2023, 52.1% of the volumes are from OCR, 30.2% from RCR and 17.8% from CCR.
  3. The highest transacted price for a resale unit in April is achieved at $18,000,000 at Sculptura Ardmore.

    • In RCR, the highest transacted price is a unit at Reflections At Keppel Bay resold for $7,900,000.
    • In OCR, the highest transacted price is a unit at Ocean Park resold for $3,680,000.
  4. The overall median capital gain for resale condos is $314,000 in April 2023, an increase of $8,000 from March 2023.

    • District 11 (Novena/ Newton/ Thomson) posts the highest median capital gain at $780,000. District 2 (Chinatown/ Tanjong Pagar) posts the lowest capital gain at $36,000.
  5. The overall median unlevered return for resale condos is 27.0% in April 2023.

    • District 11 (Novena/ Newton/ Thomson) posts the highest median unlevered return at 38.3%. District 2 (Chinatown/ Tanjong Pagar) posts the lowest median unlevered return at 2.1%.
    • 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.

April 2023 HDB Resale   (Download the full report here)

Headline: HDB Resale Prices Continue to Rise in April 2023; Volume Decrease by 4.3% Month-on-Month
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  1. HDB resale prices increase by 1.1% in April 2023 compared to March 2023.Mature Estates and Non-Mature Estates prices increase by 1.0% and 0.8% respectively, as compared to March 2023. In terms of room types, 3 Room prices increase by 0.7%, 4 Room prices increase by 0.3%, 5 Room prices rise the most at 1.9% while Executive price increase by 1.0%.

    According to the SRX Property Price Index for HDB Resale:

    • Year-on-year, the overall price increase is 8.4% from April 2022.
    • Year-on-year, prices for all room types increase over April 2022: 3 Room by 7.3%, 4 Room by 8.6%, 5 Room by 9.0% and Executive by 10.0%.
    • Mature and Non-Mature Estates prices increase by 7.8% and 8.1% respectively from a year ago.
  2. 2,188 HDB resale flats are transacted in April 2023,representing a 4.3% decrease from March 2023.

    • Year-on-year, resale volumes in April 2023 are 3.7% lower than the previous year.
    • Breaking it down by room type, in April 2023, 47.0% of the volumes come from HDB 4 Room, 23.2% from 3 Room, 23.2% from 5 Room and 6.6% from Executive.
    • Breaking it down by estate, 62.0% of the resale volumes in April 2023 come from Non-Mature Estates. The remaining 38.0% in the month are from Mature Estates.
  3. The highest transacted price for a resale flat in the month is achieved at $1,400,000by a 5-Room unit and a 4-Room Unit at The Pinnacle @ Duxton.

    • In Non-Mature Estates, the highest transacted price is achieved at $1,051,800 by an Executive Apartment at Yishun Avenue 4.
  4. In April 2023, there are 37 HDB resale flats transacted for at least $1,000,000,representing a decrease from March 2023 which recorded 39 such units.

    • The number of million-dollar flats sold comprise 1.7% of the total resale volumes in the month.
    • Toa Payoh records eight million-dollar flats sold in the month, followed by Bishan and Kallang/ Whampoa with six units each while Central Area records five units.
    • The rest of the million-dollar flats come from Queenstown, Bukit Merah, Ang Mo Kio, Bedok, Yishun, Clementi and Bukit Batok.
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.