April 2020

NLP Rents Increase 0.2% while HDB Rents Decrease 0.5% in March 2020

15 Apr 2020

A. Non-Landed Private Residential Rental Market

 

1. March 2020 rents increase 0.2% from February 2020. RCR and OCR rents rise by 0.3% and 0.8% respectively, while CCR rents decrease by 0.8%.

 

• Year-on-year, rents increase 3.2% from March 2019.
• Rents are down 15.0% from the peak in January 2013
• Rents in all regions increase year-on-year: CCR by 2.4%, RCR by 4.0% and OCR by 3.0%.

2. Volumes increase 10.9% month-on-month. An estimated 5,244 units are rented in March 2020 as compared to 4,730 units in February 2020.

 

• Year-on-year, rental volumes are 5.9% lower.
• Volumes are 7.6% higher than the 5-year average volume for the month of March.
• Breaking down by regions, in March 2020, 40.6% of the volume comes from OCR, 32.6% comes from RCR and 26.8% comes from CCR.

B. HDB Rental Market

1. March 2020 HDB rents decrease 0.5% from February 2020. 3 Room, 4 Room and 5 Room rents fall by 0.5%, 0.7% and 1.0% respectively, while Executive Room rents rise by 1.3%. According to Town Maturity, Mature Estates and Non-Mature Estates rents decrease by 0.3% and 0.8% respectively.

 

• Year-on-year, rents increase by 1.5%.
• Rents are down 13.7% from the peak in August 2013.
• All room types experience rent increases year-on-year: 3 Room by 1.6%, 4 Room by 1.2%, 5 Room by 1.6% and Executive by 0.9%.
• Mature Estates and Non-Mature Estates rents increase year-on-year by 1.4% and 1.7% respectively.

2. Volumes increase 15.4% month-on-month. An estimated 2,157 HDB flats are rented in March 2020 versus 1,869 units in February 2020. 

 

• Year-on-year rental volumes decrease 11.3% from March 2019.
• Volumes are also 4.7% lower than the 5-year average volume for the month of March.
• Breaking down by room types, in March 2020, 34.5% of total rental volume comes from 3 Room, 32.6% from 4 Room, 26.5% from 5 Room and 6.4% from Executive.

NLP Resale Prices and Volumes Increase 0.1% and 17.0% Respectively in March 2020

14 Apr 2020

1. CCR and RCR prices decrease by 0.1% and 1.7% while OCR prices increase by 1.3% in March 2020.

 

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

• Month-on-month, overall prices increase by 0.1% over February 2020.
• Year-on-year, overall prices increase by 0.4% over March 2019.
• In terms of regions, year-on-year, RCR prices decrease by 0.8% while CCR and OCR record price increases of 1.0% and 0.7%.

2. An estimated 709 units were resold in March 2020. This is a 17.0% increase, compared to 606 units resold in February 2020.

• Volumes are 13.0% lower than in March 2019, and 21.0% lower than the 5-year average volume for the month of March.
• Breaking down by regions, in March 2020, 57.5% of the volume comes from OCR, 22.9% comes from RCR and 19.6% comes from CCR.

3. The highest transacted price for a resale unit in the month is achieved at $10.5 million at The Ritz-Carlton Residences.

• In RCR, the highest transacted price is a unit at Pebble Bay resold for $4.4 million.
• In OCR, the highest transacted price is a unit at Flamingo Valley resold for $3.3 million.

4. Overall Transaction Over X-Value (T-O-X) is NEGATIVE $2,000 in March 2020. 

This represented no change as compared to February 2020. The median T-O-X for Non-Landed Private Residential measures whether people are overpaying (POSITIVE T-O-X) or underpaying (NEGATIVE T-O-X) the SRX X-Value estimated market value.

• District 9 (Orchard / River Valley) posted the highest median T-O-X at POSITIVE $40,000, followed by District 8 (Farrer Park / Serangoon Rd) at POSITIVE $35,000.
• District 20 (Ang Mo Kio / Bishan / Thomson) posted the lowest median T-O-X at NEGATIVE $62,000, followed by District 15 (East Coast / Marine Parade) at NEGATIVE $30,000.
• T-O-X data only include districts with more than 10 resale transactions with X-Value.

March 2020 HDB Resale Prices Decrease 0.3% on Higher Volumes

09 Apr 2020

1. HDB resale prices decrease by 0.3% in March 2020 over February 2020.  3 Room and Executive prices decline by 0.9% and 0.2%, respectively while 4 Room and 5 Room prices rise by 0.2% and 0.1%, respectively. Mature Estates prices decrease by 0.8% while Non-Mature Estates prices increase by 0.1%, as compared to February 2020.

 

According to the SRX Property Price Index for HDB Resale:

• Prices in March 2020 are 0.7% higher from preceding year.
• March 2020 prices are 13.1% lower than the peak in April 2013.
• Year-on-year, except for 3 Room which decreases by 1.8%, all room types experience price increases: 4 Room by 1.2%, 5 Room by 1.6% and Executive by 0.4%.
• Year-on-year, Mature Estates prices decrease by 1.2% while Non- Mature Estates prices increase by 2.0%.

2. 1,949 HDB resale transactions in March 2020,

 representing a 16.8% increase from February 2020.

• Year-on-year, resale volume in March 2020 is 17.6% higher than the previous year.
• Breaking down by room types, in March 2020, 42.0% of the volume comes from HDB 4 Room, 24.3% from 5 Room, 23.9% from 3 Room and 7.2% from Executive. The rest are from 2 Room.

3. The highest transacted price for a resale flat in the month is achieved at $1,232,000 

by a 5 Room unit at The Pinnacle@Duxton; In Non-Mature Estates, the highest transacted price is achieved at $818,000 by an Executive Room unit at Toh Guan Road.

• In March 2020, there are five HDB resale flat transacted for at least $1,000,000.

4. Overall median Transaction Over X-Value (T-O-X) is ZERO in March 2020.

 This represented a decrease of $2,000 from February 2020. The median T-O-X for HDB measures whether people are overpaying (POSITIVE T-O-X) or underpaying (NEGATIVE T-O-X) the SRX Property X-Value estimated market value.

• HDB 3 Room and Executive record NEGATIVE $1,000 and NEGATIVE $8,000 median T-O-X, while HDB 4 Room and 5 Room record POSITIVE $1,900 and ZERO median TOX.
• Bukit Merah posts the highest median T-O-X at POSITIVE $7,500 in March 2020, followed by Jurong East at POSITIVE $6,000.
• Bishan posts the lowest median T-O-X at NEGATIVE $21,500, followed by Clementi at NEGATIVE $13,500.
• T-O-X data only include HDB towns with more than 10 resale transactions with X-Value.

5. An estimated 7,691 flats will become eligible to join the HDB resale market in the next three months,

 based on SRX data, as these units approach their respective official 5-year Minimum Occupation Period.