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

September 2021 Rentals   (Download the full report here)

Headline: Condo and HDB Rents Increase by 0.7% and 0.6% in September 2021
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A. Condo Rental Market

  1. September 2021 rents climb 0.7% from August 2021. CCR, RCR and OCR rents increase by 1.0%, 0.5% and 0.8% respectively.

    • Year-on-year, overall rents increase by 8.0% from September 2020.
    • Year-on-year, rents in CCR, RCR and OCR increase by 7.2%, 8.1% and 8.3% respectively.
    • Rents are down 10.3% from the peak in January 2013.
  2. Volumes decrease by 0.7% month-on-month. An estimated 4,454 units are rented in September 2021 as compared to 4,484 units rented in August 2021.

    • Year-on-year, rental volumes are 3.0% lower.
    • Volumes are 2.3% higher than the 5-year average volume for the month of September.
    • Breaking down by regions, in September 2021, 39.3% of the total volumes are from OCR, 31.1% from RCR and 29.7% from CCR.
    • Actual volume in August is lower than the estimate given in last month's flash report.

B. HDB Rental Market

  1. September 2021 HDB rents increase by 0.6% from August 2021. Mature and Non-Mature Estates rents increase by 1.0% and 0.1% respectively. 3 Room, 5 Room and Executive rents increase by 0.9%, 0.6% and 0.3% respectively while 4 Room rents remain unchanged.

    • Year-on-year, overall rents increase by 8.8%.
    • Year-on-year, Mature Estates and Non-Mature Estates rents increase by 7.7% and 10.0% respectively.
    • Year-on-year, all room types record rent increases: 3 Room by 7.1%, 4 Room by 9.4%, 5 Room by 10.0% and Executive rents by 7.6%.
    • Rents are down 6.8% from the peak in August 2013.
  2. Volumes decrease by 0.5% month-on-month. An estimated 1,702 HDB flats are rented in September 2021 compared to 1,710 units in August 2021.

    • Year-on-year, rental volumes increase by 2.9% from September 2020.
    • Volumes are 4.6% lower than the 5-year average volume for the month of September.
    • Breaking down by room types, in September 2021, 37.4% of the total volumes are from 4 Room, 33.9% from 3 Room, 23.3% from 5 Room and 5.5% from Executive.
    • Actual volume in August is lower than the estimate given in last month's flash report.

September 2021 Non-Landed Private Resale   (Download the full report here)

Headline: Condo Resale Price Rises 1.0% in September 2021 for 14 Consecutive Months; Volumes Decrease by 3.8%
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  1. CCR, RCR and OCR prices increase by 1.1%, 1.7% and 0.6% respectively in September 2021.

    According to the SRX Price Index for Condo Resale:

    • Month-on-month, overall prices increase by 1.0% over August 2021.
    • Year-on-year, overall prices increase by 8.9% over September 2020.
    • Year-on-year, all regions experience price increases: CCR by 9.1%, RCR by 8.6% and OCR by 9.0%.
  2. An estimated 1,736 units are resold in September 2021, a 3.8% decrease from the 1,805 units resold in August 2021.

    • Volumes are 35.9% higher than in September 2020, and 84.1% higher than the 5-year average volumes for the month of September.
    • Breaking down by regions, in September 2021, 60.3% of the volumes are from OCR, 23.5% from RCR and 16.2% from CCR.
  3. The highest transacted price for a resale unit in the month is achieved at $26.3 million at Le Nouvel Ardmore.

    • In RCR, the highest transacted price is a unit at Reflections at Keppel Bay resold for $7.5 million.
    • In OCR, the highest transacted price is a unit at Mandarin Gardens resold for $4.1 million.
  4. Overall median capital gain is $233,500 in September 2021.This represents an increase of $40,500 from August 2021. The capital gain or loss of a condo resale unit is calculated by comparing the current transacted price with the previous transacted price of the same unit.

    • District 10 (Tanglin / Holland / Bukit Timah) posts the highest median capital gain at $555,000, followed by District 11 (Newton / Novena) at $468,000.
    • District 4 (Sentosa / Harbourfront) posts the lowest median capital gain at $30,000, followed by District 17 (Changi Airport / Changi Village) at $76,436.
    • Capital gain data only include districts with more than 10 matching transactions.

September 2021 HDB Resale   (Download the full report here)

Headline: HDB Resale Prices at All-Time High in September 2021; Rising for Fifteen Straight Months
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  1. HDB resale prices increase 0.9% in September 2021 compared to August 2021. Mature and Non-Mature Estates prices increase by 0.6% and 1.1% respectively, as compared to August 2021. In terms of room types, 3 Room, 4 Room, 5 Room and Executive prices increase by 1.0%, 0.9%, 0.5% and 1.3% respectively.

    According to the SRX Property Price Index for HDB Resale:

    • Year-on-year, the overall price increase is 13.8%.
    • Year-on-year, prices for all room types increase in September 2021: 3 Room by 15.3%, 4 Room by 13.7%, 5 Room by 13.1% and Executive by 13.2%.
    • Mature and Non-Mature Estates prices increase by 11.9% and 15.2% respectively from a year ago.
    • September 2021 prices surpass the previous peak in April 2013 by 0.8%.
  2. 2,518 HDB resale transactions in September 2021, representing an 8.4% decrease from August 2021.

    • Year-on-year, resale volume in September 2021 is 1.2% higher than the previous year.
    • Breaking down by room types, in September 2021, 42.6% of the volume comes from HDB 4 Room, 26.6% from 5 Room, 21.4% from 3 Room and 7.6% from Executive. The rest are from 1Room, 2 Room and Multi-Generation.
  3. The highest transacted price for a resale flat in the month is achieved at $1,295,000 by a 5 Room DBSS unit at Natura Loft. In Non-Mature Estates, the highest transacted price is achieved at $910,000 by an Executive Apartment unit at Hougang Street 31.

  4. In September 2021, there are 23 HDB resale flats transacted for at least $1,000,000, representing a decrease from August 2021 in which 26 such units were transacted.

    • The number of million-dollar flats sold comprises 0.9% of the total resale volume in the month.
    • In the first nine months of 2021, a total of 174 HDB flats have been transacted for more than a million dollars so far, which is a 278.3% increase from the same period last year.

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.


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