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 fundamental difference in NLP Resale and Rental Flash Reports due to a shift to official data sources:

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

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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

December 2022 HDB Resale   (Download the full report here)

Headline: HDB Resale Prices Extended Rally to 30 Months, Price Growth Slowed Down in 2022
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  1. HDB resale prices increased by 0.2% in December 2022 compared to November 2022. Mature Estates prices remain unchanged and Non-Mature Estates prices increased by 0.3%, as compared to November 2022. In terms of room types, 3 Room prices increased by 0.6%, 4 Room prices rose by 0.2%, 5 Room prices increased by 0.3% and Executive prices decreased by 0.4%.

    According to the SRX Property Price Index for HDB Resale:

    • Year-on-year, the overall price increase is 9.4%. This is lower than the price growth in 2021 which was 13.6%.
    • Year-on-year, prices for all room types increase over December 2021: 3 Room by 9.5%, 4 Room by 10.1%, 5 Room by 9.8% and Executive by 10.2%.
    • Mature and Non-Mature Estates prices increased by 8.0% and 10.4% respectively from a year ago.
  2. 2,242 HDB resale flats are transacted in December 2022, representing a 4.8% increase from November 2022.

    • Year-on-year, resale volumes in December 2022 are 7.7% lower than the previous year.
    • In 2022, total resale volumes are 8.1% lower than 2021.
    • Breaking it down by room type, in December 2022, 44.4% of the volumes come from HDB 4 Room, 21.9% from 5 Room, 25.4% from 3 Room and 5.9% from Executive. The rest are from other room types.
    • Breaking it down by estate, 61.5% of the resale volumes in December 2022 come from Non-Mature Estates. The remaining 38.5% in the month are from Mature Estates.
  3. The highest transacted price for a resale flat in the month is achieved at $1,300,000 by an Executive Maisonette unit at Toh Yi Drive.

    • In Non-Mature Estates, the highest transacted price is achieved at $1,038,000 by an Executive Maisonette unit at Hougang Street 21.
  4. In December 2022, there are 28 HDB resale flats transacted for at least $1,000,000,representing a slight increase from November 2022 which recorded 26 such units.

    • The number of million-dollar flats sold comprise 1.2% of the total resale volumes in the month.
    • Bishan records five million-dollar flats sold in the month, followed by Bukit Merah, Central Area and Toa Payoh with three units while Ang Mo Kio, Bukit Timah and Queenstown each record two units.
    • The rest of the million-dollar flats come from Kallang/Whampoa, Woodlands, Serangoon, Marine Parade, Jurong East, Hougang, Geylang and Clementi.

November 2022 Rentals   (Download the full report here)

Headline: Condo Rents Increased by 2.0% in November 2022, Increasing for 23rd Consecutive Month; HDB Rents Rise by 1.6%, Rising for 29th Straight Month
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A. Condo Rental Market

  1. November 2022 rents climbed by 2.0% from October 2022. CCR, RCR and OCR rents increased by 0.8%, 1.5% and 3.4% respectively.

    • Year-on-year, overall rents increased by 34.0% from November 2021.
    • Year-on-year, rents in CCR, RCR and OCR increased by 30.6%, 33.9% and 36.5% respectively.
  2. Volumes decreased by 4.5% month-on-month. An estimated 4,160 units are rented in November 2022 as compared to an estimated 4,355 units rented in October 2022.

    • Year-on-year, rental volumes are 16.5% lower.
    • Volumes are 7.2% lower than the 5-year average volume for the month of November.
    • Breaking it down by region, in November 2022, 40.4% of the total volumes are from OCR, 32.9% from RCR and 26.7% from CCR.

B. HDB Rental Market

  1. November 2022 HDB rents increased by 1.6% from October 2022. Mature and Non-Mature Estates rents increased by 1.9% and 1.3% respectively. Meanwhile, 3 Room, 4 Room, 5 Room and Executive rents increased by 3.2%, 0.1%, 2.1% and 1.2% respectively.

    • Year-on-year, overall rents increased by 27.8%.
    • Year-on-year, Mature Estates and Non-Mature Estates rents increased by 27.4% and 28.0% respectively.
    • Year-on-year, all room types record rent increases: 3 Room by 26.3%, 4 Room by 27.1%, 5 Room by 29.6% and Executive rents by 31.4%.
  2. Volumes decreased by 15.2% month-on-month. An estimated 1,691 HDB flats are rented in November 2022 compared to an estimated 1,995 units in October 2022.

    • Year-on-year, rental volumes decreased by 10.0% from November 2021.
    • Volumes are 10.9% lower than the 5-year average volume for the month of November.
    • Breaking it down by room type, in November 2022, 37.7% of the total volumes are from 3 Room, 34.6% from 4 Room, 22.7% from 5 Room and 5.0% from Executive.

November 2022 Non-Landed Private Resale   (Download the full report here)

Headline: Condo Resale Prices Grow for 28th Consecutive Month, Climbing by 1.1% in November 2022
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  1. CCR prices increased by 2.7%, RCR prices rose by 1.8% and OCR prices increased by 0.1% in November 2022.

    According to the SRX Price Index for Condo Resale:

    • Month-on-month, overall prices increased by 1.1% over October 2022.
    • Year-on-year, overall prices increased by 10.8% over November 2021.
    • Year-on-year, all regions experience price increases: CCR by 7.8%, RCR by 12.2% and OCR by 10.8%.
    • RCR price growth in October has been revised to 1.3%.
  2. An estimated 1,124 units are resold in November 2022, a 9.4% decrease from the estimated 1,240 units resold in October 2022.

    • Volumes are 30.4% lower than in November 2021, and 4.1% lower than the 5-year average volumes for the month of November.
    • Breaking it down by region, in November 2022, 59.2% of the volumes are from OCR, 22.4% from RCR and 18.5% from CCR.
  3. The highest transacted price for a resale unit in November is achieved at $19,888,000 at Marina One Residences.

    • In RCR, the highest transacted price is a unit at MeyerHouse resold for $8,355,000.
    • In OCR, the highest transacted price is a unit at Bedok Residences resold for $3,600,000.
  4. The overall median capital gain for resale condos is $333,500 in November 2022, an increase of $27,519 from October 2022.

    • District 21 (Clementi Park / Upper Bukit Timah) posts the highest median capital gain at $661,120. District 9 (Orchard / River Valley) posts the lowest capital gain at $93,000.
  5. The overall median unlevered return for resale condos is 30.5% in November 2022.

    • District 28 (Seletar / Yio Chu Kang) posts the highest median unlevered return at 51.0%. District 9 (Orchard / River Valley) posts the lowest median unlevered return at 9.5%.
    • 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.

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.