High-rise, high price: Condo prices up 0.8% in May

Even tiny units were still costly.

The prices of completed non-landed private homes registered a 0.8% month on month increase in May, according to flash estimates from the National University of Singapore (NUS) Singapore Residential Price Index Series (SRPI).

SRPI in the central region inched up by 0.7% while prices in the non-central regions increased by 0.8%. Prices for units smaller than 506 sq. ft. also inched up by 0.8%.

According to the NUS, “The SRPI provides a resource for the development of property derivatives that would help to expand the suite of financial products offered in Singapore, particularly in the context of obtaining exposure to and managing risks associated with the real estate market. It will also complement existing property information on the state of the residential market.”

Here’s more:

The National University of Singapore (NUS) Singapore Residential Price Index Series (SRPI) is a transactions-based index that tracks the month-on-month price movements of private non-landed residential properties in Singapore.

Currently, SRPI indexes are published in the form of value-weighted indexes. The SRPI is the index for the overall non-landed residential market in Singapore based on the whole SRPI property basket.

Two sub-indexes are also produced for the Central and non-Central regions. The Central region sub-basket comprises properties within the overall SRPI basket located in Postal Districts 1 through 4 and 9 through 11 while properties in the other postal districts are in the non-Central region sub-basket.