The National University of Singapore (NUS) released today the Singapore Residential Price Index (SRPI) for June and July 2020. SRPI, which measures the price movement of private residential non-landed resale properties, increased 1.2% month-on-month in July, the highest rate of monthly growth since the 1.7% increase in May 2018.
The price increase was led by resale home prices in the prime districts, which jumped by 1.8% m-o-m in July, the fastest growth in the past two years.
Developers sold more housing units than the numbers released last month. In the Core Central Region (CCR), 25 new housing units were released for sale and 113 were sold. Overall, excluding executive condominiums, 869 new private housing units were released for sale islandwide in July, and 1,080 units were sold.
In the private resale housing market, only 149 private resale housing units were transacted in May. The resale volume increased to 279 units in June, and jumped to 739 units in the following month. In the CCR, the number of private resale housing units sold more than quadrupled from 35 in May to 154 in July.
Nicholas Mak, head of research & consultancy department at ERA Realty, says that overall, “homebuyers put aside their fear of Covid-19 and re-entered the private housing market with vigour in July”, which was reflected in the three of the resale price indices. The exception is smaller units, which slipped 0.7% m-o-m in July.
Developers are looking to launch a number of new projects in the last quarter of the year. For example, The Ryse Residences a Pasir Ris Central mixed development may be launching end of the year or next year. There will be much more activity in the housing market as we head to the next year.