Singapore condo resale prices rose 4% in December; volumes surged 29.9% year-on-year

SINGAPORE: Singapore’s condominium resale market continued its upward trajectory in December 2024, with prices rising 4% compared to the same period in 2023, according to data from SRX and 99.co. Despite the annual increase, month-on-month prices remained unchanged from November.

Price movements varied across different regions in December. The Core Central Region (CCR) saw a slight dip of 0.2%, while the Rest of Central Region (RCR) and Outside Central Region (OCR) experienced modest gains of 0.1% and 0.5%, respectively.

992 resale units changed hands in December, reflecting a 2.5% decline from November, likely due to the typical year-end market slowdown. The transaction dip also coincided with competition from five major new project launches in November; many reported strong sales, diverting potential buyers from the secondary market.

Despite the month-on-month drop, resale activity surged 29.9% year-on-year, highlighting resilient demand for move-in-ready units and larger homes. The widening price gap between resale and new launch properties also contributed to sustained interest in the secondary market.

In December, the OCR accounted for the largest share of transactions at 47.2%, followed by the RCR at 34.4% and the CCR at 18.4%. Sub-sale transactions involving the resale of units before project completion made up 7.4% of total sales, marking a slight decline from the previous month.

In December, the highest-priced condo resale transaction was a $19.75 million unit at Eden Residences Capitol in the CCR. In the RCR, the highest transacted price was $10.15 million for a unit at Jadescape, while in the OCR, a unit at Kew Green fetched the top price of $3.52 million.

The median capital gain for resale condos remained steady at $370,000 in December. District 13 (MacPherson/Potong Pasir) posted the highest median capital gain at $679,000, whereas District 1 (Boat Quay/Raffles Place/Marina) recorded a median loss of $75,000.

Investment returns also varied across districts. The median unlevered return stood at 29.8%, with District 21 (Clementi Park/Upper Bukit Timah) achieving the highest return at 48.5%. Conversely, District 1 saw the lowest return at -4.2%.

Analysts expect resale prices to continue their upward trend in 2025. This growth will likely be driven by increased completions of new units in 2024, alongside a potential easing of interest rates that could further stimulate demand.

Despite short-term fluctuations, the resale condo market remains robust. This is supported by strong buyer interest in ready-to-move-in units and a growing preference for spacious homes.