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SRX Research

A. Non-Landed Private Residential Rental Market

1. Private rents increase by 0.1% in April. 
According to SRX Property Price Index for Non-landed Private Residential Rentals, rents increased by 0.1% in April 2017 compared to March 2017. Non-Landed Private Residential units rents in CCR increased by 2.3%, while in RCR and OCR decreased by 0.2% and 1.3% respectively.

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According to SRX Property Price Index for Non-landed Private Rentals:

  • Year-on-year, rents in April 2017 were down by 3.6% from April 2016. In individual sectors, CCR, RCR and OCR posted 1.8%, 3.6% and 5.0% year-on-year decrease in price, respectively.
  • Rents in April 2017 were 19.0% down compared to its peak in January 2013.
  • Price index is down 0.2% on year-to-date basis from January 2017.
  • No revision for price change in March 2017.
2. Rental volume decrease by 18.7%. According to SRX Property, an estimated 3,653 Non-landed Private Residential units were rented in April 2017. This represented a 18.7% decrease from 4,493 units rented in March 2017.
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  • Year-on-year, rental volume in April 2017 was 15.8 % lower than 4,336 units rented in April 2016.

B. HDB Rental Market

1. HDB rents increase by 0.1%. 
According to SRX Property Price Index for HDB Rentals, rents increased by 0.1% from March 2017 to April 2017. HDB 3 Rooms, HDB 5 Rooms and HDB Executive increased by 0.1%, 0.4% and 2.2% respectively. On the other hand, HDB 4 Rooms decreased by 0.7%.

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According to SRX Property Price Index for HDB Rentals:

  • Year-on-year, rents in April 2017 were down by 4.3% from April 2016.
  • Rents in April 2017 were down 13.6% compared to its peak in August 2013.
  • Year-to-date, rental price index has declined by 1.0% from January 2017.
  • Price change was revised from -0.5% to -0.6% in March 2017. 

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According to SRX Property Price Sub-Indices for HDB Rentals in Mature and Non-mature Estates:

  • Rents in Mature Estate increased by 0.4% and Non-mature Estates decreased by 0.3%.
  • Year-on-year, rents of Mature Estates in April 2017 slipped 4.2% from April 2016.
  • Year-on-year, rents of Non-mature Estates in April 2017 dropped 4.5% from April 2016.
2. HDB rental volume decreases by 17.2%. According to SRX Property, an estimated 1,619 HDB flats were rented in April 2017, a 17.2% decrease from 1,956 units rented in March 2017.

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  • Year-on-year, rental volume in April 2017 decreased by 21.4% from April 2016.

1. Non-landed Private Residential Resale Prices unchanged in April 2017. Non-landed Private Residential Resale prices remain unchanged at 0.0% in April 2017 compared to March 2017. In individual sectors, RCR and OCR recorded a price increase of 1.2%, 0.1% respectively, while in CCR recorded a price decrease by 1.2%.

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According to the SRX Non-Landed Private Residential Price Index:

∙         Year-on-year, prices in April 2017 increased by 1.8% from April 2016. In individual sectors, CCR, RCR and OCR recorded a year-on-year price increase of 4.6%, 1.6%, 0.5% respectively.

∙         April 2017 prices were down by 5.4% from the recent peak in January 2014.

∙         Price change in March 2017 was revised from 0.5% to 0.8%.

2. Resale volume decreases by 21.0%. According to Non-Landed Private Residential Resale data compiled by SRX Property, an estimated 907 Non-landed Private Residential units were resold in April 2017. This is a 21.0% decrease compared to 1148 units resold in March 2017.

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∙         Year-on-year, resale volume in April 2017 was 48.0% higher compared to 613 units resold in April 2016;

∙         Resale volume was down by 55.8% compared to its peak of 2,050 units resold in April 2010.

3. Overall median Transaction Over X-Value (TOX) is $5,000 in April 2017. The median T-O-X for Non-Landed Private Residential measures whether people are overpaying or underpaying the SRX Property X-Value estimated market value.

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         The median T-O-X in April 2017 is $5,000. This is a $5,000 increase compared to ZERO in March 2017.

4. Districts 16 and 21 post highest median T-O-X. For districts with more than 10 resale transactions in April 2017, District 16 (Bedok and Upper East Coast) and 21 (Clementi Park and Upper Bukit Timah) posted the highest median T-O-X at POSITIVE $37,000.

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This means that a majority of the buyers in those districts purchased units above the computer-generated market value.

5. Among relatively active districts, District 11 posts the most negative median T-O-X. District 11 (Newton and Novena) posted a T-O-X of NEGATIVE -$40,000.

This means that a majority of the buyers in these districts purchased units below the computer-generated market value.


HDB Resale Prices decrease by 0.3%; Volume decrease by 4.0%

Posted on 04 May 2017

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1. HDB resale prices decrease in April 2017. There was a decrease of 0.3% in HDB Resale prices in April 2017 compared to that of March 2017. The resale prices of 5 Rooms increased by 0.2%, while HDB 3 Rooms, HDB 4 Rooms and HDB Executive decreased by 0.2%, 0.7% and 0.9% respectively.

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According to the SRX Property Price Index for HDB Resale:

  • Year-on-year, prices have decreased by 0.3% from April 2016;
  • Prices have declined by 11.4% since the peak in April 2013;
  • There is no price revision to the 0.3% change in March 2017.

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According to the SRX Property Price Sub-Indices for HDB Resale:

  • In April 2017, HDB resale prices in mature estates decreased by 0.9%, while non-mature estates increased by 0.2%;
  • Year-on-year, prices in mature estates have decreased by 0.2% from April 2016;
  • Year-on-year, prices in non-mature estates have decreased by 0.4% from April 2016;

2. Resale volume decreases in April 2017. According to HDB resale data compiled by SRX Property, 1,834 HDB resale flats were sold in April 2017, a 4.0% decrease from 1,910 transacted units in March 2017.

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  • Year-on-year, resale volume decreased by 0.9% compared to 1,850 units resold in April 2016.
  • Resale volume was down by 49.7% compared to its peak of 3,649 units in May 2010.
3. Overall median Transaction Over X-Value (T-O-X) is NEGATIVE $1,000 in April 2017. According to SRX Property, the median T-O-X for HDB was NEGATIVE $1,000 in April 2017. The median T-O-X for HDB measures whether people are overpaying or underpaying the SRX Property X-Value estimated market value.

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  • Overall Median T-O-X was NEGATIVE $1,000 in April 2017, decreased by $1,000 compared to the figure in March 2017;
  • Median T-O-X for HDB 3 Room, 4 Room, 5 Room and Executive flats in April 2017 were POSITIVE $1,000, NEGATIVE $2,000, NEGATIVE $3,000 and POSITIVE $7,500 respectively.
4. Bishan posts the highest median T-O-X. For HDB towns having more than 10 resale transactions with T-O-X in April 2017, Bishan reported the highest median TOX of POSITIVE $11,500 followed by POSITIVE $9,500 in Geylang.

This means that majority of the buyers in these towns have purchased units above the computer-generated market value.


5. Among relatively active towns, Serangoon and Bukit Merah post the most negative median T-O-X. Among HDB towns having more than 10 resale transactions with T-O-X in April 2017, the lowest median T-O-X was in Senkang and Bukit Merah at NEGATIVE $10,000, followed by Kallang/Whampoa and Pasir Ris at NEGATIVE $8,000.

This means that majority of the buyers in these towns have purchased units below the computer generated market value.

A. Non-Landed Private Residential Rental Market

1. Private rents decrease by 1.0% in March. According to SRX Property Price Index for Non-landed Private Residential Rentals, rents decreased by 1.0% in March 2017 compared to February 2017. Non-Landed Private Residential units rents in CCR, RCR and OCR decreased by 1.2%, 1.3% and 0.7% respectively.

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According to SRX Property Price Index for Non-landed Private Rentals:

  • Year-on-year, rents in March 2017 were down by 3.9% from March 2016. In individual sectors, CCR, RCR and OCR posted 3.9%, 3.7% and 4.1% year-on-year decrease in price, respectively.
  • Rents in March 2017 was 19.1% down compared to its peak in January 2013.
  • Price change was revised from 1.1% to 0.7% in February 2017.
2. Rental volume increase by 14.6%. According to SRX Property, an estimated 4,549 Non-landed Private Residential units were rented in March 2017. This represented a 14.6% increase from 3,971 units rented in February 2017.

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  • Year-on-year, rental volume in March 2017 was 1.3% lower than 4,611 units rented in March 2016.


B. HDB Rental Market

1. HDB rents decrease by 0.5%. According to SRX Property Price Index for HDB Rentals, rents decreased by 0.5% from February 2017 to March 2017. HDB 3 Rooms, HDB 4 Rooms and HDB Executive decreased by 1.1%, 0.2% and 2.7%. On the other hand, HDB 5 Rooms increased by 0.1%.

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According to SRX Property Price Index for HDB Rentals:

  • Year-on-year, rents in March 2017 were down by 5.1% from March 2016.
  • Rents in March 2017 were down 13.9% compared to its peak in August 2013.
  • No revision to price change of -0.5% in February 2017. 


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According to SRX Property Price Sub-Indices for HDB Rentals in Mature and Non-mature Estates:

  • Rents in Mature Estate decreased by 0.5% and Non-mature Estates decreased by 0.5%.
  • Year-on-year, rents of Mature Estates in March 2017 slipped 5.1% from March 2016.
  • Year-on-year, rents of Non-mature Estates in March 2017 dropped 4.3% from March 2016.

 2. HDB rental volume increases by 32.1%. According to SRX Property, an estimated 2,045 HDB flats were rented in March 2017, a 32.1% increase from 1,546 units rented in February 2017.

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  • Year-on-year, rental volume in March 2017 decreased by 7.5% from March 2016.

Private Resale Non-Landed Prices Increase 0.5% in March, marking Fifth Consecutive Month of Increase. Price Reaches a 2.5 year High.

Volume Increases 51.8%.

1. Non-landed Private Residential Resale Prices increase by 0.5% in March 2017. Non-landed Private Residential Resale prices increased by 0.5% in March 2017 compared to February 2017. In individual sectors, CCR, RCR and OCR recorded a price increase of 0.4%, 0.7% and 0.4%, respectively.

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According to the SRX Non-Landed Private Residential Price Index:

∙         Year-on-year, prices in March 2017 increased by 2.2% from March 2016. In individual sectors, CCR, RCR and OCR recorded a year-on-year price increase of 6.2%, 1.7%, 0.2% respectively;

∙         Index reaches 168.8 in March, a 2.5-year high since Sep 2014;

∙         March 2017 prices were down by 5.5% from the recent peak in January 2014;

∙         Price change in February 2017 was revised from 0.9% to 1.1%.

2. Resale volume increases by 51.8%. According to Non-landed Private Residential Resale data compiled by SRX Property, an estimated 1,058 Non-landed Private Residential units were resold in March 2017. This is a 51.8% increase compared to 697 units resold in February 2017.

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∙         Year-on-year, resale volume in March 2017 was 77.5% higher compared to 596 units resold in March 2016;

∙         Resale volume was down by 48.4% compared to its peak of 2,050 units resold in April 2010.

3. Overall median Transaction Over X-Value (TOX) is ZERO in March 2017. The median T-O-X for Non-Landed Private Residential measures whether people are overpaying or underpaying the SRX Property X-Value estimated market value.

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∙         The median T-O-X in March 2017 is ZERO. This is a $10,000 increase compared to NEGATIVE $10,000 in February 2017.

4. District 5 posts highest median T-O-X. For districts with more than 10 resale transactions in March 2017, District 5 (Buona Vista, West Coast, Clementi New Town) posted the highest median T-O-X at POSITIVE $23,000.

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This means that a majority of the buyers in this district purchased units above the computer-generated market value.

5. Among relatively active districts, District 12 posts the most negative median T-O-X. District 12 Balestier, Toa Payoh) posted a T-O-X of NEGATIVE $23,000.

This means that a majority of the buyers in these districts purchased units below the computer-generated market value.

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