Skyscrapers of Singapore

SINGAPORE: In April, resale prices of condominiums in Singapore went up by 1.5 per cent month-on-month and 5.1 per cent year-on-year, according to flash data from SRX and 99.co released on Monday (May 27).

Sales were the highest in 13 months, with 1,122 transactions in April. This means there were 200 more sales in April than in March, when only 911 units were resold.

Resale volumes have risen significantly year-on-year, now up by 25.8 per cent, and marking a 17.6 per cent increase from the five-year average volumes for April.

Prices have gone up all across Singapore, increasing by 2 per cent in the Rest of Central Region (RCR). In the Core Central Region (CCR), prices rose by 0.3 per cent, while the Outside Central Region (OCR) saw a smaller increase of 0.1 per cent.

A condominium unit at The Marq On Paterson Hill, which changed hands for S$13 million, was the priciest transaction in April. Other notable transactions were a S$8.3 million for a unit at The Peak, located in the RCR, and a S$5.36 million Windy Heights unit in the OCR.

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Year-on-year, condo units resold at the OCR saw the highest increase (7.2 per cent) followed by RCR (5.2 per cent).  At the CCR, however, the year-on-year increase has only been 0.2 per cent.

The resale price of condo units in Singapore had been on a consistent upward trajectory last year. In December, experts said the surge in resale prices could indicate an increased demand for properties in prime locations.

Back then, the CCR’s 3.1 per cent increase surpassed the overall monthly growth, highlighting the desirability of condominiums in Singapore’s central districts.

Analysts attributed the stability of sales volumes to the limited supply of new private residential projects last year, particularly in the last quarter of 2023.

The scarcity of new projects was understood at that point to be a contributing factor to the continued upward trend in condominium resale prices.

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However, condo unit resale volumes declined earlier this year. The dip was then attributed to a growing reluctance among buyers to commit to higher prices in the resale market.

In February, OrangeTee pointed to concerns over inflation and uncertainties in the global economic landscape as primary factors contributing to the softening buying sentiment. /TISG

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