SRX Property Index (SPI) Chart

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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 2022 Rentals   (Download the full report here)

Headline: Condo Rents Rise by 3.2% in August 2022, Rising for 20th Consecutive Month; HDB Rents Increase by 2.4%, Increasing for 26th Straight Month
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A. Condo Rental Market

  1. August 2022 rents climb by 3.2% from July 2022. CCR, RCR and OCR rents increase by 3.7%, 3.1% and 3.0% respectively.

    • Year-on-year, overall rents increase by 27.5% from August 2021.
    • Year-on-year, rents in CCR, RCR and OCR increase by 27.0%, 27.2% and 28.2% respectively.
  2. Volumes increase by 0.4% month-on-month. An estimated 4,524 units are rented in August 2022 as compared to 4,506 units rented in July 2022.

    • Year-on-year, rental volumes are 6.3% lower.
    • Volumes are 8.0% lower than the 5-year average volume for the month of August.
    • Breaking it down by region, in August 2022, 37.1% of the total volumes are from OCR, 34.8% from RCR and 28.2% from CCR.

B. HDB Rental Market

  1. August 2022 HDB rents increase by 2.4% from July 2022. Mature and Non-Mature Estates rents increase by 2.6% and 2.3% respectively. Meanwhile, 3 Room, 4 Room, 5 Room and Executive rents increase by 2.0%, 3.5%, 1.9% and 2.8%.

    • Year-on-year, overall rents increase by 21.6%.
    • Year-on-year, Mature Estates and Non-Mature Estates rents increase by 21.3% and 21.7% respectively.
    • Year-on-year, all room types record rent increases: 3 Room by 21.5%, 4 Room by 20.8%, 5 Room by 22.9% and Executive rents by 19.7%.
  2. Volumes increase by 3.8% month-on-month. An estimated 1,765 HDB flats are rented in August 2022 compared to 1,700 units in July 2022.

    • Year-on-year, rental volumes decrease by 1.3% from August 2021.
    • Volumes are 3.0% lower than the 5-year average volume for the month of August.
    • Breaking it down by room type, in August 2022, 35.3% of the total volumes are from 3 Room, 38.3% from 4 Room, 21.5% from 5 Room and 4.9% from Executive.

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

Headline: Condo Resale Prices Rise for 25th Straight Month, Increasing by 1.2% in August 2022; Volumes Fall by 38.6% Year-on-Year
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  1. CCR, RCR and OCR prices increase by 1.0%, 0.8% and 1.5% respectively in August 2022.

    According to the SRX Price Index for Condo Resale:

    • Month-on-month, overall prices increase by 1.2% over July 2022.
    • Year-on-year, overall prices increase by 10.5% over August 2021.
    • Year-on-year, all regions experience price increases: CCR by 7.6%, RCR by 10.0% and OCR by 11.5%.
  2. An estimated 1,135 units are resold in August 2022, a 14.5% decrease from the 1,327 units resold in July 2022.

    • Volumes are 38.6% lower than in August 2021, and 8.2% lower than the 5-year average volumes for the month of August.
    • Breaking it down by region, in August 2022, 61.7% of the volumes are from OCR, 21.4% from RCR and 16.9% from CCR.
  3. The highest transacted price for a resale unit in the month of August is achieved at $15,150,000 at Sage.

    • In RCR, the highest transacted price is a unit at Reflections At Keppel Bay resold for $7,650,000.
    • In OCR, the highest transacted price is a unit at Fernwood Towers resold for $3,750,000.
  4. The overall median capital gain for resale condos is $282,201 in August 2022, a decrease of $8,943 from July 2022.

    • District 10 (Tanglin / Holland) posts the highest median capital gain at $619,400. District 4 (Harbourfront / Telok Blangah) posts the lowest capital gain at $116,760.
    • District 1 (Boat Quay / Raffles Place / Marina) posts a median capital loss at -$92,520.
  5. The overall median unlevered return for resale condos is 25.1% in August 2022.

    • District 25 (Admiralty / Woodlands) posts the highest median unlevered return at 45.8%. District 1 (Boat Quay / Raffles Place / Marina) posts the lowest median unlevered return at -4.1%.
    • 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.

August 2022 HDB Resale   (Download the full report here)

Headline: HDB Resale Prices Rise for the 26th Straight Month, Climbing by 0.4% in August 2022
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  1. HDB resale prices increase by 0.4% in August 2022 compared to July 2022. Mature and Non-Mature Estates prices increased by 0.8% and 0.2% respectively, as compared to July 2022. In terms of room types, 3 Room and 5 Room prices increased by 0.5% each, 4 Room prices rose by 0.8% while Executive prices rose by 0.7%.

    According to the SRX Property Price Index for HDB Resale:

    • Year-on-year, the overall price increase is 10.8%
    • Year-on-year, prices for all room types increase over August 2021: 3 Room by 11.4%, 4 Room by 11.2%, 5 Room by 10.7% and Executive by 12.8%.
    • Mature and Non-Mature Estates prices increase by 10% and 11.4% respectively from a year ago.
  2. 2,323 HDB resale flats transacted in August 2022, representing a 1.7% decrease from July 2022.

    • Year-on-year, resale volume in August 2022 is 15.5% lower than the previous year.
    • Breaking it down by room type, in August 2022, 41.2 % of the volume come from HDB 4 Room, 24.9% from 5 Room, 24.7% from 3 Room and 7.1% from Executive. The rest are from other room types.
    • Breaking it down by estate, 58% of the resale volume in August 2022 come from Non-Mature Estates. The remaining 42% in the month are from Mature Estates.
  3. The highest transacted price for a resale flat in the month is achieved at $1,350,000 by a 5 Room DBSS unit at The Peak @ Toa Payoh.

    • In Non-Mature Estates, the highest transacted price is achieved at $1,020,000 by an Executive Apartment unit at Woodlands Avenue 1.
  4. In August 2022, 33 HDB resale flats were transacted for at least $1,000,000,which is the same number as July 2022.

    • The number of million-dollar flats sold comprised 1.4% of the total resale volume in the month.
    • Toa Payoh records eight million-dollar flats sold in the month, followed by Bukit Merah with seven units while Queenstown records six units. The rest of the million-dollar flats come from Central Area, Kallang/Whampoa, Bishan, Woodlands, Marine Parade, Clementi and Serangoon.

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